Equities market loses N1.23trn as profit-taking persists
Equities Market Declines by N1.23 Trillion Amid Profit-Taking
The equities market continued its downward trend on Friday, decreasing by N1.226 trillion as investors faced losses across several major stocks.
Market capitalization fell by 0.76 percent, closing at N160.443 trillion, down from N161.669 trillion on Thursday. The All-Share Index also declined by 1,912.19 points, or 0.76 percent, finishing at 250,330.92 compared to the previous close of 252,243.11.
As a result, the year-to-date return has moderated to 60.87 percent.
The decrease was primarily influenced by significant losses in companies such as Zichis Agro Allied Industries, FTN Cocoa Processors Plc, The Initiates Plc, LivingTrust Mortgage Bank Plc, and International Energy Insurance Plc.
Despite the overall negative performance, market breadth remained positive, with 47 gainers and 28 losers. May & Baker Nigeria Plc and ABC Transport Plc topped the gainers’ list, each rising by 10 percent to close at N47.30 and N6.27 per share, respectively.
Other notable gainers included SCOA Nigeria Plc, which rose by 9.98 percent to close at N33.05, and Trans-Nationwide Express Plc, which increased by 9.97 percent to N7.06 per share. DAAR Communications Plc also saw an appreciation of 9.76 percent, closing at N2.25 per share.
On the losing side, Zichis Agro Allied Industries fell by 9.97 percent to close at N29.43, while FTN Cocoa Processors lost 9.95 percent to settle at N8.96 per share. The Initiates Plc dropped 9.90 percent to close at N32.30, and LivingTrust Mortgage Bank saw a decrease of 9.88 percent to N3.83 per share. International Energy Insurance closed down by 9.71 percent at N2.79 per share.
Market activity showed improvement, with total traded volume rising by 4.28 percent to 1.08 billion shares, valued at N44.29 billion across 65,744 deals. CHAMS Holding Company Plc recorded the highest traded volume, accounting for 30.30 percent of the total with 328.50 million shares traded. Aradel Holdings Plc led in traded value, with a total of N9.44 billion, representing 21.32 percent of the overall value exchanged.
(NAN)
