Equity market sustains declining trend, sheds N23bn

in the nation’s equity market on Tuesday sustained declining profile as investors embarked on profit-taking thereby slowing down the recent gaining momentum.

Specifically, market capitalisation of listed equities declined by N23 billion or 0.18 per cent to N13.004 trillion from N13.027 trillion traded on Monday.

The Nigerian Stock Exchange All Share Index also depreciated by 46.27 basis points to 26944.32 points from 26990.59 points recorded the previous day. Investors traded 189.007 million shares valued at N2.883 billion in 3314 deals against 246.507 million shares worth N2.436 billion in 3093 deals.

The NSE trading result showed that Okomu Oil Palm led gainers table for the day, gaining N4.90 kobo to close at N54.55 kobo, Unilever Nigeria PLC followed with a gain of N0.75 kobo to close at N18.45 kobo, Flour Mills Nigeria Plc gained N0.75 kobo to close at N19.00, Etranzact increased by N0.23 kobo to close at N2.61 kobo, UACN appreciated by N0.20 kobo to close at N7.50 kobo, Zenith Bank Plc added N0.20 kobo to close at N18.80 kobo.

Capital market operators said that the decline in prices of stock was as result of investors profit taking.

They advised investors not to panic against any form of panic selling but to take a strategic position in sectors that have suffered huge losses, but still have the potentials to rebound in the remaining days of the year and beyond, as players take timely advantage of low prices around the market.

They said that experience and research  show that Nigeria’s equities market has enjoyed more positive trends in the month of December over the past decade, arising from the yuletide boom and driven by year-end portfolio balancing among investors and traders.

An analysis of the transactions showed Guinness Nigeria Plc topped losers chart, dropping by N2.00 to close at N29.00, Stanbic IBTC trailed with a loss of N1.35 kobo to close at N36.80 kobo, MTN Nigeria Communications fell by N1.00 to close at N119.00,  Cap PLC declined by N0.30 kobo to close at N24.00 while Lafarge Wapco dropped by N0.15 kobo to close at N13.85 kobo.

On the contrary, Access Bank Plc was the most active stock during the week, trading 36.406 million shares valued at N324.545 million, Guaranty Trust Bank followed with account of 34.611 million shares worth N1.047 billion, Zenith Bank Plc traded 18.366 million shares valued at N342.410 million, United Bank Africa Plc sold a total of 15.909 million shares cost N111.796 million while Fidelity Bank traded 7.804 million shares worth N15.693 million.

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