Investors’ Profit-taking Persists As Market Cap Drops By N18bn

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The All Share Index (ASI) decreased by 34.64 absolute points, representing a decline of 0.07 per cent to close at 49,629.43 points. Similarly, the market

This week, United Capital Plc expected the bear market to persist as the impact of the increased benchmark interest rate continues to weigh down equity markets.

As measured by market breadth, market sentiment was negative, as 17 stocks lost relative to 12 gainers. Neimeth Pharmaceutical recorded the highest price gain of 9.29 per cent to close at N1.53, per share. Unity Bank followed with a gain 4.65 per cent to close at 45 kobo, while FCMB Group appreciated by 4.18 per cent to close at N3.49, per share.

On the other hand, Presco led the losers’ chart by 9.97 per cent to close at N142.60, per share. Multiverse Mining & Exploration followed with a decline of 7.79 per cent to close at N2.25, while Ikeja Hotel went down by 5.51 to close at N1.20, per share. Also, the total volume traded declined by 71.9 per cent to 210.836 million units, valued at N2.188 billion, and exchanged in 4,122 deals. Transactions in the shares of eTranzact International topped the activity chart with 52.552 million shares valued at N119.835 million.

 

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