Equity market sheds N123bn on profit taking

The local equities’ market. on Monday opened in bearish note, declining by N123 billion, as profit taking activities in the banking stocks impacted negatively on the trading activities.

The losses in the shares of GTCO Plc, FBNHoldings, Stanbic, Zenith Bank, Dangote Sugar, UACN, Wapco Transcorps and 21 others weigh down on the Nigerian Exchange market Index.

Market capitalization of listed equities went down by 0.21 per cent to N59.169 trillion from N59.292 trillion reported the previous day.

The NGX All Share Index also depreciated by 202.75 basis points to 97626.27 points from 97829.02 points recorded on Friday.

An analysis of the investment showed that HMCall led gainers table appreciating by 10 per cent to close at N5.61 per unit, SUNU Assurance followed with a gain of 9.81 per cent to close at N3.47 per share, NCR gained 9.72 per cent to close at N4.74 per share, Sovereign Trust Insurance added 9.52 per cent to close at N0.69 per unit, Tantalizer gained 9.32 per cent to close at N1.29 per share.

On the contrary, NSLTECH topped losers’ chart, dropping by 9.84 per cent to close at N0.55 per unit, Daar Communications trailed with a loss of 9.68 per cent to close at N0.56 per unit, Austinlaz down by 9.40 per cent to close at N2.41 per unit. Guinea Insurance declined by 9.09 percent to close at N0.50 per unit, Lasaco Insurance sheds 8.63 per cent to close at N2.33 per unit.

Volume of trades up by 304.64 million, representing 83.09 per cent as investors traded 671.260 million shares valued at N10.637 billion in 10.464 deals against 366.620 million shares valued at N6.067 billion exchanged hands the previous day.

FBNHoldings led market activities with 245.251 million shares valued at N6.226 billion, HMCall followed with account of 47.142 million shares worth N264.469 million, Tantalizer traded 35.344 million shares worth N45.594 million, Guinea Insurance exchanged 32.863 million shares cost N17.845 million while Prestige insurance traded 32.752 million.