Profit-taking pushes stock market lower, 30 firms lose

The market capitalisation of equities listed on the Nigerian Stock Exchange dropped by N156bn due to profit-taking in large cap stocks.

The market capitalisation, which stood at N12.119tn on Monday, dropped to N12.108tn on Tuesday, and further declined to N11.852tn at the close of trading on the floor of the Exchange on Wednesday.

The All Share Index declined by 2.12 per cent from 33,167.88 basis points on Tuesday to 32,466.27bps on Wednesday, while the year-to-date return settled at -15.11 per cent.

Thirty losers and 15 gainers pegged the market breadth at 0.50x, while volume and value traded trended lower by 31.3 per cent and 37.2 per cent to 212.509 million units and N3.765bn, respectively.

All sectors closed on a negative note, except the oil and gas sector, which gained 0.74 per cent.

Stanbic IBTC Holdings Plc led the losers chart with a 10 per cent decline in its share price from N52.50 on Tuesday to N47.25 on Wednesday.

Other losers were Union Diagnostic & Clinical Services Plc, Dangote Flour Mills Plc, Glaxo Smithkline Consumer Nigeria Plc and Fidson Healthcare Plc, which saw their respective share prices decline by 10 per cent, 9.77 per cent, 9.76 per cent and 9.26 per cent.

On the flip side, Newrest ASL Nigeria Plc, International Breweries Plc, Regency Assurance Plc, Linkage Assurance Plc and Jaiz Bank Plc were the top five gainers, increasing by 10 per cent, 10 per cent, 10 per cent, 9.52 per cent and 8.70 per cent, respectively.
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