Tuesday, October 26, 2021

    Profit-Taking Halts Stock Market Bullish Runs

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    Naija247news Editorial Teamhttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    The Nigeria stock market on Monday resumed on a negative note as the market performance indicators (NGX-ASI and Market Cap.) shed 0.38 percent to halt the seven successive bullish runs.

    The negative sentiment was a result of profit-taking in some recently appreciated stocks such as NB, Buacement, Stanbic, GTCO, amongst others.

    Consequently, the All-Share Index shed 154.14bps, representing a decline of 0.38 percent to close at 40,714.22. While the Market Capitalization lost ₦80.32bn, representing a decrease of 0.38 percent to close at ₦21.22 trillion.

    → Similarly, the market activities traded negatively, as the Total Volume and Value traded dipped by 42.21 percent and 11.26 percent, respectively.

    A total of 191.31 million units of shares valued at ₦2.59 billion were traded in 4,395 Deals.

    However, FBNH outdid the traded stocks in terms of volume, accounting for 12.63 percent of the total volume of trades, maintaining the position as the most trading stock, followed by ETI (10.11%), CHAMS (9.25%), ZENITHBANK (6.39%), and GTOC (6.33%) to complete the top five on the volume chart.

    While BUACEMENT appeared as the most traded stock in value terms, with 13.87 percent of the total value of trades on the exchange.

    → On the success table, NEM led the gainers’ chart to emerge as the most profitable stock, with price appreciation of 9.95 percent, trailed by ETI (9.52%), WAPCO (4.93%), CAP (1.03%), AFRIPRUD (0.81%), UCAP (0.55%), ACCESS (0.53%), ZENITHBANK (0.20%) and 9 others.

    On the contrary, SOVRENINS led the decliners’ chart as its share price receded by 8.33 percent to close at ₦0.22, as NB (-6.06%), LIVESTOCK (-3.36%), STANBIC (-2.56%), BUACEMENT (-2.50%), GTCO (-2.10%), TRANSCORP (-2.06%), GUINNESS (-1.86%) and FBNH (-1.02%) amongst others also declined in price.

    However, the market breadth closed at par, recording 17 gainers and 17 losers.

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