Stock market records marginal gain of N4bn as investors take profit

The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased marginally by 0.03percent on Friday November 15, while the Year-to-Date (YtD) return stood at -14.57percent as investors moved to take profit in counters that hitherto recorded gains.

While profit taking action continues to pose a threat to the rally witnessed lately, market watchers expect the equities market to remain positive in new trading week.

The All Share Index closed on Friday at 26,851.68 points as against the preceding day’s close of 26,843.11 points while Market Capitalisation closed atN13.071 trillion against preceding day’s close of N13.067 trillion, adding N4billion.

MTN Nigeria Plc occupied the top losers table after its share price dropped from N121.9 to N121, losing 90kobo or 0.74percent. Also as a result of activities of profit takers, the share price of GTBank Plc declined from N29.9 to N29, losing 90kobo or 3.01percent; Zenith Bank Plc declined from N19.15 to N18.85, down by 30kobo or 1.57percent, while Access Bank Plc dipped from N10.8    to N10.5, down by 30kobo or 2.78percent.

On the gainers table, Guinness Nigeria Plc led others from N26 to N28.6, adding N2.6 or 10percent. Flourmill Nigeria Plc advanced from N15.2 to N16.25, adding N1.05    or 6.91percent, while Nigerian Breweries Plc rose from N47.5 to N48.5, adding N1 or 2.11percent. Cement Company of Northern Nigeria (CCNN) gained N1, from N19 to N20, adding 5.26percent.

The volume of stocks traded decreased by 24.78percent from 624.842 million to 469.98 million, while the total value of stocks traded decreased by 44.22percent from N10.02 billion to N5.590billion in 5,594 deals.                                                                                    

The Financial Services sector led the activity chart with 411.22 million shares exchanged for N4.401 billion; Conglomerates followed with 23.96 million shares traded for N29 million.

At the NASD OTC market for unlisted securities, the market closed with increase in Capitalisation to N513.12 billion from N504.17 billion in the preceding trading weekend, which shows a 1.77percent increase in Capitalisation. Also the NASD Security Index (NSI) for the week ended November 15 recorded increase from 701.76 points to 714.21 points.

The NASD OTC Plc said Morgan Capital Group and FCSL Asset Management Limited registered unto the NASD Enterprise Portal (NASDeP) as Due Diligence Advisers (DDAs).

In order to ensure enterprises on NASDeP are well represented in their bid to access private equity investments, NASDeP DDAs play a critical role in providing guidance and packaging these enterprises in an attractive manner for investors. Eligible DDAs are required to be SEC registered and may include Accountants, Legal Practitioners and Issuing Houses.