Stock market sheds N2.39trn after one-day rally 

The stock market reversed its one-day bullish rally on Wednesday, with investors losing N2.393 trillion in market value as widespread profit-taking dragged equities into negative territory.

The downturn was due to profit-taking in large and mid-cap stocks like Aradel, Neimeth Pharmaceuticals, International Breweries, National Salt Company, Mc Nicholas and 27 others drove the market into negative territory.

The market capitalisation declined by 1.63 per cent or N2.393 trillion from N147.217 trillion to N144.824 trillion.

Similarly, the All-Share Index dropped by 3,729.11 points or 1.63 per cent, closing at 225,690.07, down from 229,419.18.

Consequently, the market’s Year-To-Date return weakened to 45.03 per cent while the market breadth also closed negatively with 32 losers against 19 gainers.

Aradel, Neimeth Pharmaceuticals and Mc Nicholas led the losers’ chart by 10 per cent each, closing at N1,275.80, N8.10 and N7.65 per share respectively.

Also, National Salt Company declined by 9.98 per cent, ending the session at N197.60 and International Breweries dipped by 9.52 per cent, settling at N9.50 per share.

On the other hand, Austinlaz led the gainers’ chart by 10 per cent, settling at N3.30, Guinea Insurance trailed by 9.89 per cent, finishing at N1 while Abbey Mortgage Bank gained by 9.66 per cent, closing at N7.95 per share.

Similarly, Daar Communications grew by 9.60 per cent, ending the session at N1.37 and Regency Alliance Insurance advanced by 9.52 per cent, closing at 92k per share.

Analysis of the market activity revealed an overall decline in the market volume, value and deals as 488.12 million shares worth N13.96 billion were traded in 46,929 transactions.

This is in contrast with the previous session’s 966.7 million shares valued at N39.99 billion that was exchanged across 49,579 deals.

Meanwhile, Sterling Nigeria emerged as the most actively traded stock by volume, with 124.62 million shares exchanged, representing 25.53 per cent of the total volume traded for the day.

Zenith Bank led the market by value, with transactions worth N2.14 billion, accounting for 15.33 per cent of the day’s total value traded.

NAN