Profit-Taking Hits SUNU, Caverton, Omatek Despite Positive Market Close

Profit-taking emerged across selected equities on the Nigerian Exchange (NGX) on Monday as investors locked in recent gains in several stocks, even as the broader market extended its rally and pushed equity market capitalisation above N160 trillion.

The selling pressure was most evident in Omatek Ventures Plc and Caverton Offshore Support Group Plc, both of which declined 10.00 percent to lead the day’s losers. Omatek fell from N1.70 to N1.53, while Caverton dropped from N4.50 to N4.05.

The losses extended beyond the two stocks.

CMFC Plc shed 9.85 percent, closing at N2.38 from N2.64, while SUNU Assurances Nigeria Plc declined 9.42 percent to N2.98 from N3.29, placing it among the session’s biggest decliners.

Top Losers

The decline in SUNU Assurances was particularly notable after insurance stocks recorded strong gains during the previous week, suggesting some investors chose to realise profits following the sector’s recent rally.

Despite the weakness in these counters, the broader market remained resilient.

The NGX All-Share Index (ASI) advanced 0.29 percent from 246,992.44 to 247,699.78 points, while equity market capitalisation increased by approximately N1.04 trillion from N159.559 trillion to N160.600 trillion.

The market’s positive close was supported by gains in heavyweight stocks.

Aradel Holdings Plc rose 5.38 percent, MTN Nigeria Communications Plc gained 2.45 percent, while International Breweries Plc and Zichis Plc also recorded notable advances, helping offset the losses recorded elsewhere in the market.

The contrasting performance highlights the selective nature of Monday’s trading session.

While investors continued accumulating fundamentally significant and large-cap stocks, they simultaneously took profits in selected equities that had either rallied recently or attracted speculative interest.

The result was a market that finished higher overall but remained characterised by stock-specific positioning rather than broad-based buying.