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Market loses N119bn on profit-taking in blue-chip stocks

Market loses N119bn on profit-taking in blue-chip stocks

Sell-offs in telecommunication giant, MTN Nigeria (-1.7 per cent), BUA Cement (-1.8 per cent) and Zenith Bank (-2.7 per cent) dragged the All-Share Index by 91bps to close at 24,954.25 points. As a result, market capitalisation fell N119.2bn to settle at N13.0tn, while year to date loss worsened to -7.0 per cent.
Activity level waned as volume and value traded declined 29.5 per cent and 52.7 per cent respectively to 237.6m units and N1.6bn. The most active stocks by volume were FBNH (24.4m units), Zenith (24.1m units) and FCMB (19.5m units), while Zenith (N392.4m), Guaranty Trust Bank (N341.0m) and FBNH (N128.8m) led the value chart.
Across sectors, performance was bearish as only the insurance index (+0.9 per cent) appreciated as a result of gains in Mansard (+8.1 per cent) and Cornerstone (+9.8 per cent). Banking (-1.9 per cent) and industrial goods (-1.4 per cent) indices led the laggards due to price weakness in Zenith (-2.7 per cent), UBA (-5.2 per cent) and BUA Cement. The AFR-ICT (-1.0 per cent) and oil and gas (-0.3 per cent) indices also declined following price declines in MTNN (-1.7 per cent) and Oando (-3.1 per cent). The consumer goods index slightly declined by 3bps on the back of a loss in International Breweries (-1.1 per cent). Investor sentiment as measured by market breadth declined to 0.6x from the 0.9x recorded in the previous session as 16 stocks advanced against 25 decliners. The best performing stocks were REDSTAREX (+10.0 per cent), FIDSON (+10.0 per cent) and Cornerstone (+9.8 per cent), while Prestige (-10.0 per cent), NEIMETH (-9.7 per cent) and AIICO (-9.3 per cent) lost the most.

Sourcee: https://www.dailytrust.com.ng/market-loses-n119bn-on-profit-taking-in-blue-chip-stocks.html