Nigerian Equities lose N81bn as profit-taking halts five-day rally

By Taiye Olayemi

After five consecutive sessions of gains, the Nigerian equities market closed lower on Friday, wiping off N81 billion in market value amid profit-taking in key stocks.

The market capitalisation fell by 0.09 per cent to N88.922 trillion, compared with N89.003 trillion on Thursday. Similarly, the All-Share Index (ASI) dipped 120.16 points to settle at 140,545.69, down from 140,665.85.

Heavy selloffs in Mutual Benefits Assurance, Lasaco Assurance, Daar Communications, PZ Cussons Nigeria, NGX Group and 16 other equities dragged the market into the red.

Despite the downturn, equities market breadth closed positive, with 32 gainers against 21 losers.

FG162029S1 led the gainers’ chart, appreciating by 100 per cent to close at N100 per share. Etranzact and Regency Alliance Insurance followed with 9.93 per cent apiece to close at N14.95 and N1.66, respectively. Chellaram advanced 9.92 per cent to N13.30, while Industrial and Medical Gases added 9.91 per cent to close at N36.60.

On the flip side, Mutual Benefits Assurance topped the losers’ table, sliding 7.80 per cent to N3.90 per share. Lasaco Assurance shed 5.97 per cent to N2.99, Daar Communications fell 4.50 per cent to N1.06, PZ Cussons Nigeria dipped 3.33 per cent to N34.85, while NGX Group dropped 3.30 per cent to N60.15.

Trading activity was stronger compared to the previous session, with a 15 per cent rise in volume, a 30 per cent jump in turnover, and a 3 per cent increase in deals.

Investors at the equities market exchanged 434.7 million shares valued at N16.17 billion in 23,729 deals, against 378.2 million shares worth N12.4 billion in 22,935 deals on Thursday.

Secure Electronic Technology dominated the activity chart with 71.4 million shares worth N58.7 million. Access Corporation followed with 40.9 million shares valued at N1.1 billion, while Sterling Nigeria traded 37.1 million shares worth N279 million.

Regency Alliance Insurance moved 20.1 million shares valued at N33.4 million, and CHAMS sold 19.4 million shares worth N62.8 million.