Sell-off in 23 stocks drags capitalisation by N75 billion

Analysts at United Capital Plc said investors would continue to book profits on positions that have appreciated significantly in the past weeks.

“From the large cap stocks, we expect the profit taking to extend to their mid-cap and small-cap out-performers. That said, with the big banks likely to release their full year 2021 numbers within the next two weeks, we expect investors to begin to take positions in names expected to deliver outperforming numbers while declaring strong dividend payments,” they told The Guardian.

Vetiva Dealing and Brokerage said: “Positive activity in names like GUINNESS continue to lift the consumer goods sector, as increased buy interest amid strong valuations push the price higher. We are likely to see another bearish close due to profit taking activities, while market trades mixed.”
Meanwhile, market breadth closed at par, as 23 stocks both advanced and declined.

On the price movement chart, Japaul Gold and Ventures led the losers’ chart by 7.69 per cent to close at 36 kobo. Courteville Business Solutions followed with a decline of 7.27 per cent to close at 51 kobo while Custodian Investment lost 5.70 per cent to close at N7.45 kobo. NGX Group declined by 5.66 per cent to close at N25.00 kobo.

NPF Microfinance Bank shed 5.45 per cent to close at N2.08 kobo. Neimeth Pharmaceuticals dropped 5.24 per cent to close at N1.81 kobo. Multiverse depreciated by 4.76 per cent to close at 20 kobo. Veritas Kapital shed 4.55 per cent to close at 21 kobo.

UPDC declined 4.50 per cent to close at N1.06 kobo. Honeywell flourmills lost 4.29 per cent to close at N3.35 kobo. Mansard also shed 4.00 per cent to close at N2.40 kobo.

On the other hand, Guinness Nigeria, Learn Africa and NCR Nigeria recorded the highest price gain of 10 per cent each to close at N66.55, N1.65 and N3.63 kobo.
University Press followed with a gain of 9.81 per cent to close at N2.91 kobo.

Academy Press appreciated by 9.56 per cent to close at N1.49 kobo.