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Investors lose N15bn as profit-taking whittles stocks’ value

Investors lose N15bn as profit-taking whittles stocks’ value

Profit-taking in MTN Nigeria (-0.4per cent), Zenith bank (-1.5per cent) and FBNH (-0.9per cent) dragged the benchmark index 12bps lower to close at 24,625.24 points. As a result, market capitalisation declined N15.6bn to N12.8tn while year to date  loss worsened to -8.3per cent.
Activity level waned as volume and value traded fell 31.2per cent and 15.2per cent to 130.3m units and N1.6bn respectively. The most active stocks by volume were Zenith (19.0m units), Transcorp (16.1m units) and FBNH (9.9m units) while MTNN (N552.3m), Zenith (N308.4m) and Dangote cement (N166.5m) led by value. Across sectors, performance was bearish as 3 of the 6 indices under our coverage closed southward. The Insurance index led laggards, down 0.3per cent due to price depreciation in LINKASSURE (-9.4per cent). Similarly, the AFR-ICT and Banking indices declined 0.2per cent apiece owing to sell pressures in MTNN (-0.4per cent), ZENITH (-1.5per cent) and FBNH (-0.9per cent). Lastly, the Oil & Gas, Consumer and Industrial Goods indices closed flat.
nvestor sentiment as measured by market breadth improved to 1.1x from the 0.8x recorded in the previous session as 9 stocks advanced against 8 decliners. The best performing stocks were Neimeth (+9.6per cent), Wema Bank (+9.1per cent) and Chams (+4.3per cent) while Linkassure (-9.4per cent), Japaul Oil (-7.7per cent) and Livestock (-2.9per cent) lost the most.

Source: https://www.dailytrust.com.ng/investors-lose-n15bn-as-profit-taking-whittles-stocks-value.html