Equity investors at the Nigerian Bourse lost about N85billion on Monday, December 9 as the market continues to record significant profit-taking action. Investors’ decisions to sell down stocks that had moved higher in previous trading sessions are impacting on pricing.
This development on Custom Street further creates fear on the possibility of witnessing Santa rally in the next two week.
Snapshot of the market shows the value of listed stocks on the Bourse which opened the trading week at N12.962 trillion decreased to N12.877trillion at the sound of the closing gong.
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GTBank Plc shares recorded the highest price decline from N29.9 to N29, losing 90kobo or 3.01percent. Cadbury Nigeria Plc also decreased from N9.9 to N9.05, losing 85kobo or 8.59percent, while Berger Paint Plc dropped from N7.5 to N6.75, losing 75kobo or 10percent.
On the gainer’s table, Eterna Plc advanced most, from N2.8 to N3, adding 20kobo or 7.14percent, followed by Masard which moved up from N1.65 to N1.8, adding 15kobo or 9.09percent, while Cornerstone Insurance rose from 63kobo to 68kobo, adding 5kobo or 7.94percent.
The Nigerian Stock Exchange (NSE) All-Share Index (ASI) which opened at 26,855.52 points decreased by 0.65percent to 26,681.31 points.
The market has decreased by 1.19 per cent this month while this year’s negative returns increased to 15.11percent.
Market watchers observed more profit-taking activities on Banking and Industrial stocks that hitherto benefited the most during the previous short rally.
In 3,594 deals, equity buyers exchanged 192,684,587 units valued at N3.547billion. Zenith Bank, UACN, Dangote Cement, FBN Holdings, FCMB were actively traded stocks on the Bourse.
“We, however, believe that current price levels remain attractive for new mid/long term investors to take position thus”, said Lagos-based analysts at Vetiva Securities Limited, who also expect to see some bargain hunting on Tuesday.
