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Market capitalisation declines by N36bn on profit-taking

By on October 10, 2014

The equities market closed on a negative note on Wednesday in the first trading day of the week, with the major market indicators declining.

The market capitalisation of the listed equities fell by N36bn or 0.26 per cent to close at N13.536tn, down from N13.572tn Friday’s close.

Also, the Nigerian Stock Exchange All Share Index declined by 0.26 per cent or 108.92 basis points from 41,103.94 basis points to close at 40,995.02 basis points.

The banking sub-sector dominated the activity chart, accounting for 60 per cent of total turnover volume traded on Wednesday.

In the sub-sector, investors exchanged 245.455 million shares valued at N2.978bn in 1,844 deals.

Volume in the sub-sector was driven by activity in the shares of Guaranty Trust Bank Plc, Skye Bank Plc, Access Bank Plc and Zenith Bank Plc.

Fidelity Bank Plc, Diamond Bank Plc and Unity Bank Plc also recorded high volume turnover in the sub-sector.

In all, 408.897 million stocks worth N5.717bn were traded on Wednesday in 4,678 deals with 20 equities recording price appreciation and 26 shares recording price depreciation.

Champion Breweries Plc led the gainers, rising by 10.12 per cent or N1.25 to close at N13.60 per share. Ikeja Hotel Plc followed closely with a 10 per cent or 20 kobo gain to close at N2.20 per share, while Conoil Plc rose by five per cent or N2.35 to close at N49.36 per share.

On the other hand, Premier Breweries and Stanbic IBTC Holdings Plc topped the losers, shedding five per cent each to close at N4.18 and N33.25 per share, respectively.

Capital markets analysts had said ahead of this week that although gains were expected intermittently in the coming weeks, investors were likely going to remain cautious.

Analysts at Meristem Securities Limited in their investment guide for the week said the equities outlook remained dreary.

They said, “We are of the opinion that, notwithstanding pockets of positive returns which we expect will be witnessed intermittently, the general market mood will likely remain calm.

“We continue to extol the virtue of holding certain stocks which we forecast will return positive despite weak general market sentiments.”

 

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