Market upbeat halts on profit taking after N405.236 billion capitalization and 8.12% ASI gain


Market at the close of trading today presented a different outlook from what had been in the last eight trading days. All market performance indices declined drastically notwithstanding the NSE helmswoman yesterday’s assurance that the market was set for another boom. The decline which cuts across almost all the sectors is attributable to investors taking profit from the previous eight days consistent stock price rally. Both Banking and Food & Beverages sectors that had been leading the upbeat were the most hit today with 2.53% and 1.76% decline respectively. However, performances of stocks in Insurance and Oil & Gas sectors inched up.  

The volume traded in the market today increased by 64.13% to close at 666.777 million units traded in 7,426 deals compared with 406.238 million units traded in 6,743 deals yesterday. Market value followed the same pattern with 59.46% rise to close at N3.404 billion compared with N2.135 billion of yesterday. At the close of trading , out of 142 securities traded, 30 gained, 50 declined and 62 closed at their previous trading prices.

FirstInland Bank Plc topped the market volume transaction at the close of trading with 171.120 million units exchanged in 297 deals. The second most traded stock for the day was Goldlink Insurance Plc which traded 73.898 million units exchanged in 69 deals. Zenith Bank Plc emerged the third most traded stock for the day with a total volume of 52.579 million units of the stock exchanged in 391 deals. NSLTECH Plc and First Bank Plc traded 50.154 million units exchanged in 8 deals and 40.796 million units exchanged in 809 deals respectively to emerge the fourth and fifth most traded stocks for the day in that order. The trend of the top five trades today showed a predominant sell pressures as all of them closed lower of their previous day’s prices. In the aggregate, the total volume of the top five trades for the day accounted for 58.27% of the entire market volume traded.

The All-Share Index declined by 1.18% to close at 22,252.38 as against 2.09% appreciation of yesterday to close at 22,518.74 .The market capitalization for the day shed weight by N63.811 billion to close at N5.330 trillion as against N110.463 billion appreciation of yesterday to close at N5.395 trillion. On the sectoral index, only NSE-Insurance Index and Oil & Gas Index appreciated today; NSE-30 declined by 1.15% to close at 886.10, NSE-Food and Beverages followed the decline trend by 1.76% to close at 566.07, NSE-Insurance inched up by 0.14% to close at 235.00, NSE-Banking closed lower by 2.53% at 361.27 and NSE-Oil& Gas closed at 299.26 to record 0.43% appreciation.

Capoil Plc, Livestock Plc, Intercontinental Bank Plc, Oceanic Bank Plc, Platinum Habib Bank Plc, Spring Bank Plc, Wapco Plc, Omatek Plc, Cadbury Plc, Nigerian Bottling Company Plc, Maybaker Plc, Neimeth Plc, Vitafoam Plc, Lasaco Plc, Niger Insurance Plc, University Press Plc and ABCTrans Plc closed on strong bid today.
However, IBTC Plc, International Breweries Plc, Afromedia Plc, NSLTECH Plc, Nestle Plc, Prestige Insurance Plc, Niwicable Plc, Staco Insurance Plc, Unic Insurance Plc, Wapic Insurance Plc and Royalex Plc closed on strong offer.

Coporate Declarations
Beco Petroleum Plc first quarter report: The newly listed company in the Petroleum Market sector reported gross earnings decline of 17.31% to close at N825.938m from N998.846m of the previous year. The profit after tax for the period however grew by 69.61% from N44.202 million of the perevious year to N74.971 million. Working capital in the period declined by 8.26% to close at N139.053 million from N151.572 million of the previous year and Net assets grew marginally by 2.28% to close at N3.364 billion from N3.289 billion reported in the previous year’s corresponding period.

African Paints Plc third quarter report: Gross earnings in the quarter grew by 32.24% to close at N34.912 million from N26.401 million reported in the previous year. The profit after tax reported grew by 12.53% though still closed at negative of (N32.019m) from a higher magnitude of (N36.604m)Working capital situation grew worse by 8.87% to close at(N345.564m)from (N317.411m)of the previous year.Net assets followed the decline trend by 64.75% to close at N17.428m from N49.447m of the previous year.

Nigerian Textiles Plc third quarter report: Turnover for the period declined by 25.96% to close at N6.544b from N8.838b recorded in the previous year. Profit after tax closed at negative of (N956.044m)from(N659.635m)of the previous year, 44.94% decline. Working capital grew by 29.91% to close at N4.019b from N3.163b of the previous year while Net assets declined by 16.32% to close at N4.903b from N5.859b of the previous year.


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