Stocks shed 0.07% as consumer goods’ profit-booking halts gains

Trading in stocks closed on a negative note on the Nigerian Stock Exchange, halting three consecutive days of bullish runs.

The All Share Index lost 18.55 points or 0.07 per cent to close at27,839.93 points, while the market capitalization declined by N7 billion to close at N9.563 trillion.

Despite the decline, market breadth and volume traded were on a high side. Stock market analysts said that irrespective of the marginal dip, equities outlook looks bullish considering the positive market
breadth and baring any unforeseen circumstances. Analysts at United Capital attributed the marginal decline to profit-booking in the consumer goods, as other key sectors saw higher demand.

“ We expect on-going sentiment to extend into tomorrow’s trading session, as investors remain cautious while awaiting the outcome of MPC meeting which will likely offer a firm direction to equities,” the research firm said.

Another stock analysts notedthat market performance for rest of the week to be broadly  determined by the outcome of the ongoing MPC meeting, saying “This week, we expect a quiet start to proceedings, with investors likely to be cautious as they await MPC outcomes, which will likely offer a firm direction to equities.”

Market breadth closed positive with 27 gainers and 18 losers. Conoil led the gainers table by 10.24 per cent to close at N35.10 per share. Total followed with a gain of 5 per cent each to close at N262.50, while MRS gained 4.99 per cent to close at N38.48 per share.

Also, Transcorp went up by 4.81 per cent to close at N1.09 and Skye Bank rose by 4.76 per cent to close at 66 kobo per share.

On the other hand, Seven Up led the laggards’ table by 4.98 per cent to close at N139.15per share. Fidson trailed with a loss of 4.97 per cent to close at N1.53, while PZ Industries declined by 4.89 per cent to close at N18.07 per share.

Also, Avon Crown declined by 4.35 per cent to close atN1.32, while African Prudential shed by 4.26 per cent to close at N2.70 per share.

Meanwhile, the total volume traded appreciated by 43.36 per cent to 328.20 million shares, valued at N2.89 billion, and traded in 3,215 deals. Transactions in the shares of Access Bank topped the activity chart with 84.09 million shares valued at N468.62 million. FBN Holdings followed with 54.15 million shares worth N166.4 million, while UBA traded 38.86 million shares valued at N163.44 million.

Skye Bank traded 38.54 million shares worth N24.98 and Zenith Bank transacted 21 million shares valued at N303.34 million.