Kayode Tokede

The Nigerian stock market yesterday extended its downward trend with a decline of N110 billion amid investors persistent profit taking continued to weigh on overall performance.

Specifically, the Nigerian Exchange Limited  All Share Index (NGX ASI) dropped by 173.26 basis points or 0.12 per cent to close at 144,986.51 basis  points. Also, market capitalisation declined by N110 billion to close at N 92.219 trillion.

Market sentiment remained slightly weak, evidenced by a marginally negative market breadth of 27 gainers against 28 losers. NCR Nigeria recorded the highest price gain of 9.95 per cent to close at N30.95, per share. University Press followed with a gain of 9.80 per cent to close at N5.60, while Tantalizers grew by 9.79 per cent to close at N2.58, per share.

Caverton Offshore Support Group up by 9.57 per cent to close at N5.15, while Union Dicon Salt rose by 9.52 per cent to close at N6.90, per share.

On the other hand, Living Trust Mortgage Bank led the losers’ chart by 9.90 per cent to close at N3.73, per share. McNichols followed with a decline of 9.00 per cent to close at N2.73, while Livestock Feeds declined by 7.75 per cent to close at N6.55, per share.

Regency Alliance Insurance depreciated by 6.56 per cent to close at N1.14, while UPDC declined by 6.14 per cent to close at N5.96, per share.

Meanwhile, the total volume traded rose marginally by 5.72 per cent to 381.234 billion units, valued at N16.717 billion, and exchanged in 21,827 deals. Transactions in the shares of Tantalizers topped the activity chart with 58.777 million shares valued at N145.991 million. Sterling Financial Holdings followed with 31.413 million shares worth N242.418 million, while Universal Insurance traded 28.100 million shares valued at N35.814 million.

Veritas Kapital Assurance traded 25.247 million shares valued at N47.690 million, while Aradel Holdings sold 16.348 million shares worth N9.498 billion.

On market outlook, analysts at Imperial Asset Managers Limited stated that “we anticipate the cautious and defensive tone to persist in the near term. The index is likely to remain under pressure due to the sustained profit-taking in major financial names. Selective bargain-hunting may continue in oversold mid-caps, but the overall market direction is likely to remain defensive, with the index trading in a tight, negative range.”