The domestic equities market in Nigeria continued its downward trend on Friday, with a significant decline of N262 billion. This was attributed to investors engaging in profit-taking activities. As a result, the market capitalization of listed equities dropped to N162.842 trillion from N163.104 trillion recorded on Wednesday. The decline represents a 0.16 percent decrease.
The NGX All Share Index also experienced a decline, dropping by 413.40 basis points to 250808.27 points from 251211.67 points traded the previous day. This decline reflects the overall negative performance of the market. Despite the decline, some stocks managed to record gains. TransExpress and AIICO led the gainers' table with a 10 percent increase, closing at N2.97 and N4.18 per unit, respectively.
Other stocks that recorded gains include Live stocks Feed, which increased by 9.88 percent to close at N8.90 per unit, and Living Trust, which added 9.87 percent to close at N3.45 per share. ABC Transport also gained 9.63 percent, closing at N7.40 per unit. However, the market was dominated by stocks that recorded losses. PZ Cusson topped the losers' chart, dropping by 9.91 percent to close at N66.40 per unit.
Etranzact and FTNCocoa also recorded significant losses, declining by 9.84 percent and 8.19 percent, respectively. Royal Express dropped by 7.83 percent to close at N1.06 per share. The volume of trades decreased significantly, with a decline of 480.85 million, representing 46.32 percent. Investors traded 557.15 million shares against 1.038 billion reported the previous day.
The volume of transactions also fell by 48.60 percent to settle at N27.57 billion in 53450 deals. Despite the decline in market activities, some stocks remained popular among investors. Transactions in the shares of Access Holdings Company led market activities, with 183.563 million shares valued at N5.517 billion.
Etranzact and CMFC also recorded significant transactions, with 41.150 million shares worth N454.644 million and 38.528 million shares costing N179.316 million, respectively. Fidelity Bank and Chams Plc also exchanged significant shares, with 27.747 million shares worth N606.042 million and 26.279 million shares worth N82.193 million, respectively.
The decline in the equities market reflects the cautious approach of investors, who are taking profits from previous gains. The market is expected to continue to experience fluctuations in the coming days. Key players in the market, including Access Holdings Company and Etranzact, continue to attract significant investor interest.
Key points
- The equities market declined by N262 billion due to profit-taking activities.
- The NGX All Share Index dropped by 413.40 basis points to 250808.27 points.
- Access Holdings Company led market activities with 183.563 million shares valued at N5.517 billion.
