Equity Market drops N231bn amid profit-taking by investors

The equity market began the week in the red on Monday, losing N231 billion due to profit-taking by investors.

Sell-offs in Tier-one banking stocks like Access Corporation, Zenith Bank, FBN Holdings, and Fidelity Bank, as well as Oando Plc and Berger Paints, caused the decline.

The Nigerian Exchange Ltd. (NGX) market capitalisation fell by N231 billion, or 0.34 per cent, from N67.614 trillion at the open to N67.383 trillion at the close.

The All-Share Index dropped 0.34 per cent, or 370.43 points, ending at 108,126.97, down from 108,497.40 on Friday.

In spite of the decline, the Year-To-Date (YTD) return increased by 5.05 per cent.

Market breadth was negative, with 37 losers and 17 gainers.

Northern Nigeria Flour Mills (NNFM) led the losers, falling 9.99 per cent to close at N72.55 per share. Ikeja Hotel led gainers, rising 10 per cent to N12.10.

In spite of the downturn, trading activity remained strong, with a 10.16 per cent increase in value.

A total of 357.76 million shares worth N9.21 billion were traded across 15,914 transactions.

Jaiz Bank led in volume with 48.19 million shares, while Zenith Bank recorded the highest trade value, at N1.37 billion.

The Star