Profit-taking in MTN Nigeria, Zenith halts positive sentiment

The Nigerian stock market depreciated by 0.32per cent yesterday following investors profit-taking in MTN Nigeria Plc, Zenith Bank Plc, Access Bank Plc and 13 other stocks.

The profit-taking of yesterday paused the stock market positive trading in August as investors were reacting to impressive half year (H1) unaudited results declared by listed companies.

The Nigerian Exchange Limited All-Share Index (NGX ASI) dropped by 0.32 per cent or 126.32 basis points to 38,801.51 basis points yesterday from 38,927.83 basis points the stock market opened for trading.

With yesterday’s profit-taking the stock market Year-to-Date (YTD) returns currently stands at -3.65per cent

Consequently, the value of all listed stocks, market capitalisation dropped by N65.82billion or 0.32 per cent to close at N20.216trillion from N20.282trillion.

Sector performances were mixed today with the Banking dropping by 0.3 per cent to close at 379.33 basis points from 380.46 basis points, while NGX Oil/Gas index depreciated by 0.04 per cent to close at 371.12 basis points from 371.28 basis points the market opened for trading.

NGX Insurance rose by 0.25 per cent to 195.51 basis points while NGX Consumer Goods closed yesterday at 594.8 basis points, 0.26per cent from 593.28 basis points.

In addition, the Industrial inched up by 0.04 per cent to 1,970.95 basis points.

However, the market closed negative with 16 losers as against 18 gainers.

Conoil Plc led the gainers’ chart in percentage terms with 10 per cent to close at N20.35 per share.

CHI Plc followed with a gain 8.93 per cent to close at N0.05, while Sovereign Insurance went up by 7.69 per cent to close at N0.02k per share.

Regal Insurance rose by 7.14 per cent to close at N0.03, while Mutual Benefits gained 5.56 per cent to close at N0.02 per share.

On the other hand, Ardova topped the laggards’ chart in percentage terms by 6.25 per cent to close at N15.00k per share.

Veritaskap followed with four per cent to close at N0.24k, while AIICO Insurance lost 2.06 per cent to close at N0.96 per share.

Japual Gold lost 1.92 per cent to close at N0.51k, while Wapic shed 1.92per cent to close at N0.51per share.

Market turnover closes negative as volume moved down by -32.24per cent as against -10.87per cent downtick recorded in the previous session.

Transactions in the shares of United Bank for Africa topped the activity chart with 16.43million shares valued at N123.55 million.

GTCO followed with 13 million shares worth N36.48 million, while Zenith bank traded 11.93 million shares valued at N291.55million.

Wema Bank traded 96million shares worth N84.91million, while AIICO Insurance transacted 9.35 million shares worth N8.85 million.

 (Courtesy, THISDAY: Text excluding headline)