Economy

Profit taking: NSE market capitalisation loses N20bn

Bearish trend persists on NSE, market capitalisation loses N265bn
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Written by Maritime First

…As Dangote Flour emerges best performing stock on NSE in February***

The nation’s bourse on Wednesday reversed the three consecutive days positive trend with the market capitalisation dropping by N20 billion.

The market capitalisation shed N20 billion or 0.17 per cent to close at N11.978 trillion against N11.998 trillion posted on Tuesday.

The All-Share Index lost 51.92 points or 0. 16 per cent to close at 32,121.74 compared with 32,173.66 achieved on Tuesday.

Breakdown of the price movement table shows that Dangote Cement recorded the highest gain to lead the gainers’ table, appreciating by 50k to close at N196.50 per share.

Guaranty Trust Bank followed with a gain of 35k to close at N37.95, while Access Bank increased by 10k to close at N6.10 per share.

United Capital added 5k to close at N3.30, while FBNHoldings also gained 5k to close at N8.15 per share.

Conversely, Seplat topped the losers’ table with a loss N22.10 to close at N596.90 per share.

Cement Company of Northern Nigeria trailed with N1 to close at N19, while GlaxosmithKline dipped 40k to close at N11.50 per share.

Ecobank dropped 30k to close at N13.70, while Etranzact shed 29k to close at N2.64 per share.

Zenith Bank dominated trading activities, accounting for 45.37 million shares worth N1.11 billion.

Guaranty Trust Bank followed with an exchange of 23.08 million shares valued at N872.94 million, while Fidelity Bank Plc traded 20.17 million shares worth N46.46 million.

Access Bank sold 15.61 million shares valued at N94.18 million, while Transcorp traded 13.86 million shares worth N17.54 million.

In all, the volume of shares traded closed lower by 47.96 per cent as investors bought and sold 208.60 million shares valued at N2.78 billion in 3,246 deals.

This was in contrast with 400.87 million shares worth N3.46 billion exchanged in 3,885 deals.

Meanwhile, Dangote Flour led other equities in February on the Nigerian Stock Exchange (NSE) to emerge as the best performing stock, in percentage terms, with 81.66 per cent growth.

Data obtained from the exchange in Lagos indicated that the company which opened for the month at N6 appreciated by 81.66 per cent to close at N10.90.

The ABC Transport came second with 58.82 per cent to close at 54k against 34k in January, while MC Nichols rose by 54.55 per cent to close at 51k compared with opening price of 33k.

Others include the Beta Glass 31.66 per cent and Presco 25 per cent, among others.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., stated that consumers goods stocks, in spite of weak result expected from the sector, dominated gainers due to market sentiments.

Omordion said that Dangote Flour, in spite of mixed and weak quarterly financial released to the market, still emerged the best performing stock due to low valuation.

He attributed the growth to low valuation and investors’ expectations of full year earnings result that would hit the market any moment.

On the other hand, C &I Leasing was the worst performing stock in percentage terms with a loss of 26.88 per cent to close at N9.04 per share against N10.90 recorded in January.

Vitafoam trailed with a loss of 20 per cent to close at N4 per share in contrast with N4.80 posted in January.

Others were Cement Company of Northern Nigeria, Total, International Breweries and Academy Press.

Omordion attributed C&I Leasing loss to price adjustment arising from the company’s recent share reconstruction.

He said that Vitafoam slide was as a result of price adjustment for cash and script dividend.

The investors during the period bought and sold 7.89 billion shares valued at N93.02 billion in 89,349 deals.

The financial services sector remained the most active accounting for 3.67 billion shares worth N31. 95 billion exchanged in 30,532 deals.

Diamond Bank Plc was the most traded in the sector, exchanging 1.01 billion shares valued at N2.43 billion in 2,066 deals, while GT Bank accounted for 604.25 million shares traded in 5,730 deals.

The conglomerates followed with a turnover of 725.62 million shares worth N930.02 million in 3,072 deals.

Transcorp dominated activities in the sector with 698.04 million shares valued at N1.02 billion transacted in 4,317 deals, while UACN sold 21.02 million shares worth N188.16 million in 929 deals.

However, the All-Share Index during the period rose by 1,161.50 points or 3.80 per cent to close at 31,718.70 in contrast with 30,557.20 posted in January.

Also, the market capitalisation which opened at N11.394 trillion inched N434 billion or 3.81 per cent to close at N11.828 trillion. 

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Maritime First