The local stock market for the third consecutive session has recorded profit-taking, dropping by N790.38 billion as investors trade with blue chip stocks caution.
The market capitalisation that opened the week at N55.978 trillion, dropped by N790.38 billion or 1.41per cent to close yesterday at N55.187 trillion.
Consequently, the Nigerian Exchange Limited All-Share Index (NGX ASI) Week-till-Date (WtD) dropped by 1.41 per cent to close yesterday at 97,199.60 basis points from 98,592.12basis points it closed for trading last week.
Sequentially, the stock market Month-to-Date (MtD) and Year-to-Date (YtD) returns moderated to -0.5per cent and +30.1per cent, respectively.
On market performance outlook, Afrinvest Limited said “we anticipate the market to extend the bearish performance as the market remains short of positive triggers.”
However, the market capitalisation dropped by N108 billion yesterday was influenced by price depreciation in large and medium capitalised stocks which are; Oando, Nigerian Breweries, Cutix, NEM Insurance and Academy Press.
Investor sentiment, as measured by market breadth closed negative as 22 stocks advanced, while 25 declined. Guinea Insurance recorded the highest price gain of 10 per cent to close at 44 kobo, while R.T. Briscoe Nigeria and Honeywell Flour Mills followed with a gain of 9.87 per cent each to close at N1.67 and N4.12 respectively, per share.
Secure Electronic Technology appreciated by 7.14 per cent to close at 45 kobo, while Linkage Assurance rose by 7.06 per cent to close at 91 kobo, per share. On the other hand, Oando led the losers’ chart by 9.95 per cent to close at N36.20, per share. Cutix followed with a decline of 9.92 per cent to close at N5.36, while Academy Press lost 8.70 per cent to close at N2.73, per share.
Japaul Gold & Ventures down by 7.89 per cent to close at N2.10, while Red Star Express declined by 6.98 per cent to close at N4.00, per share.
The total volume traded advanced by 47.38 per cent to 315.302 million units, valued at N5.480 billion, and exchanged in 8,365 deals. Transactions in the shares of Veritas Kapital Assurance topped the activity chart with 38.419 million shares valued at N48.596 million. Guaranty Trust Holding Company (GTCO) followed with 36.329 million shares worth N1.654 billion, while Universal Insurance traded 23.195 million shares valued at N7.028 million.
Oando traded 22.074 million shares valued at N805.109 million, while FBN Holdings (FBNH) transacted 20.283 million shares worth N454.887 million.
