Profit taking in banking stocks dips equities market by 0.3% in Nigeria

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ON Tuesday, sentiments in the domestic bourse turned negative as profit-taking activities in Zenith, United Bank for Africa and First Bank of Nigeria Holdings undermined market performance having dipped by 3.8 percent, 4.8 percent and 2.9 percent, respectively.

Consequently, the All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) declined by 0.33 percent to 101,707.70 basis points.

Accordingly, the Month-to-Date and Year-to-Date returns moderated to +0.6 percent and +36.0 percent, respectively.

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Owing to bearish trading outing, equities investors lost N183.10 billion cumulatively as market capitalization settled at N55.65 trillion.

As measured by market breadth, market sentiment was negative, as 28 tickers lost relative to 23 gainers. On the performance board, PZ Cusson Nigeria and Morison recorded the most significant losses of the day having depreciated in share value by 9.9 percent and 9.8 percent, respectively, while Honeywell Flour Mills and Cornerstone Insurance topped the gainers’ list after after their share prices appreciated by 9.9 percent, respectively.

On sectors, the Banking, Consumer Goods and Industrial Goods indices declined by 1.9 percent, 0.2 percent and 0.1 percent, respectively, while the Insurance and Oil & Gas indices advanced by 1.1 percent and 0.1 percent, respectively.

Analysis of market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 16.09 percent.

A total of 263.19 billion shares valued at N4.30 billion were exchanged in 8,614 deals. Veritas Capital led the volume chart with 49.07 million units traded while United Bank for Africa led the value chart with deals worth N587.50 million.