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Stock Market Begins Week on Negative Note as Profit-taking Dominates Activity

Stock Market Close Lower on Profit-taking in Seplat, 17 Others

 By Kayode Tokede

Trading activities on the  stock market of the Nigerian Exchange Limited (NGX) yesterday opened trading for the week on a bearish note with N37 billion decline amid positive increase in Nigeria’s Gross Domestic Product (GDP).
The National Bureau of Statistics (NBS) reported a 3.1 per cent year-on-year (YoY) GDP growth in first quarter (Q1), 2022, the highest first-quarter growth since 2015. 

The positive print was mainly driven by a 6.1 per cent YoY surge in the non-oil sector.However, the NGX All Share Index (ASI) decreased by 68.45 basis points or  0.13 per cent to close at 52,911.51 basis points.
Consequently, the market capitalisation lost N37 billion to close at N28.525 trillion.

The downturn of the stock market yesterday was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Presco, UAC of Nigeria (UACN), Lafarge Africa, Global Spectrum Energy Service and NEM Insurance.

Market breadth closed negative, with 24 losers versus 22 losers.

 Conoil recorded the highest price gain of 9.95 per cent, to close at N34.25, per share. MRS Oil Nigeria followed with a gain 9.93 per cent to close at N14.95, while McNichols Plc appreciated by 9.86 per cent to close at N2.34, per share.

Academy Press went up by 9.76 per cent to close at N1.35, while NPF Microfinance Bank appreciated by 8.02 per cent to close at N2.02, per share. On the other hand, Presco led the losers’ chart by 10 per cent, to close at N180.00, per share.

 Global Spectrum Energy Service followed with a decline of 9.97 per cent to close at N3.07, while Neimeth International Pharmaceuticals went down by 9.66 to close at N1.59, per share. .UACN lost 8.33 per cent to close at N13.20, while NEM Insurance shed 7.74 per cent to close at N4.05, per share.However, the total volume traded rose 39.68 per cent to 263.339 million shares, worth N3.550 billion, and traded in 4,856 deals. 

Transactions in the shares of Jaiz Bank topped the activity chart with 114.008 million shares valued at N101.753 million. Guaranty Trust Holding Company followed with 12.873 million shares worth N302.843 million, while Transnational Corporation of Nigeria (Transcorp) traded 12.806 million shares valued at N16.726 million.

Access Holdings traded 11.658 million shares valued at N115.658 million, while Zenith Bank transacted 8.579 million shares worth N207.021 million.

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