Increasing profit-taking in bank stocks drive N67bn retreat

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Increasing profit-taking in bank stocks drive N67bn retreat



The Nigerian shed N67.178 billion or 0.33 per cent Thursday, following investors’ efforts to recoup gain yielded by bank shares in a rout that worsened the current bear run in the market.
The pressure to sell weighed more on GTB, Zenith and Stanbic IBTC than other stocks on the bourse, dragging the banking index down by 3.62 per cent to 356.30 basis points.
Twenty seven gainers emerged against 13 losers, which made the market to close with a positive breadth.
The all-share index narrowed by 128.39 points to 38.916.74, while market capitalisation closed at N20.361 trillion.
Year to date, the index is up by 3.36 per cent.
TOP FIVE GAINERS
UACN appreciated by 10 per cent to close at N9.90. Royal Exchange went up by 10 per cent to N0.33. Japaul Gold rose to N0.45, notching up 9.76 per cent in the process. Cutix added 9.31 per cent to end today’s trade at N2.23. Linkage Assurance completed the top 5, climbing by 9.09 per cent to N0.72.
TOP FIVE LOSERS
GTB led losers, declining by 8.83 per cent to close at N29.95. FTN Cocoa shed 8.70 to close at N0.42. NEM fell to N2.13, losing 7.39 per cent. Unity Bank slumped to N0.70, recording 6.67 per cent depreciation. Union Bank closed at N5.05, going down by 4.72 per cent.
TOP FIVE TRADES
In all, 239.421 million shares estimated at N2.316 billion were traded today in 4,450 deals, 31 per cent weaker than Wednesday’s volume.
UACN was the most active stock, trading 37.375 million units worth N370.010 million in 70 deals. 25.915 million units of Transcorp shares priced at N20.877 million exchanged hands in 90 transactions.
Fidelity Bank had 12.600 million shares valued at N31.450 million traded in 204 deals. Flour Mills traded 10.356 million shares estimated at N300.401 million in 54 transactions. GTB traded 9.654 million shares valued at N289.608 million in 350 deals.
 

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