Equities lose N3bn as investors take profit on recent gains

Nigeria’s equities market dipped slightly by 0.01percent on Wednesday August 18 as investors chose to take profit on recent gainers.

This week, the nation’s stock market has risen by 0.06percent, while month-to-date (MtD) it has increased by 2.59 percent.

The market closed in red, no thanks to stocks like SCOA Nigeria Plc, Prestige Assurance Plc and Regency Assurance Plc.

SCOA share price decreased the most on the Nigerian Bourse, from N1.76 to N 1.59, down by 17kobo or 9.66percent; Prestige Assurance Plc followed, dipping from 48kobo to 44kobo, down by 4kobo or 8.33percent, while Regency Assurance Plc dipped from 43kobo to 40kobo, shedding 3kobo or 6.98percent.

The Nigerian Exchange Limited (NGX) All-Share Index and Market Capitalisation depreciated from preceding day highs of 39,550.36 points and N20.606trillion to 39,545.67 points and N20.603trillion.

Read also: Nigeria’s stock market opens week in red

On the advancers table, Pharm Deko Plc led others after its share price moved from N1.30 to N1.43, up by 13kobo or 10percent, while BOC Gases Nigeria Plc moved from N9.20 to N10.10, up by 90kobo or 9.78percent.

BOC Gases Nigeria Plc had notified Nigerian Exchange Limited (NGX) and the investing public that TY Holdings Limited acquired additional 249,746,823 ordinary shares in BOC Gases Nigeria Plc, being 60percent of the entire shares in the Company previously owned by BOC Holdings UK (a member of the Linde Group).

This purchase is in addition to the existing 12percent shares of the Company owned by TY Holdings Limited prior to the transaction, thereby bringing the ownership of TY Holdings Limited in BOC Gases Nigeria Plc to 72percent.

The negative returns recorded year-to-date (YtD) stood higher on Wednesday at -1.80percent. Transcorp Plc, Chams Plc, Zenith Bank, GTCo Plc and Oando Plc were highly traded counters Wednesday on the Nigerian Exchange Limited. In 3,307 deals, equity traders exchanged 132,077,093 units valued at N2.673billion.