Profit taking takes toll on Exchange, indices down by N13billion

Profit taking embarked by investors on the Nigerian Stock Exchange (NSE), yesterday, caused market indices to depreciate by N13billion, even as most highly capitapitalised stocks joined the league of losers.

Specifically, at the close of trading yesterday, market capitalisation of listed equities fell by N13billion or 0.08 per cent from N16.080 trillion recorded on Tuesday to N16.067 trillion.
Also, the All-share index dropped by 36.5 points from 44,885.24 to 44,848.74.

Analysts attributed the drop in indices to profit taking caused by sustained rally witnessed by the market in the last couple of weeks. According to them, the decline was due to profit taking sentiments that prevailed yesterday, as investors leveraged the capital appreciation recorded in the last few weeks to recoup their investment.

Nigeria Breweries emerged the day’s highest price loser, shedding 4.05 kobo to close at N142 .00 per share. Presco depreciated by 3.61 kobo to close at N68.69 per share.

Unilever lost 2.02 kobo to close at N45.00 per share. WAPCO shed 2.01 kobo to close at N51.99 per share. National Salt Company of Nigeria dropped 1.52 kobo to close at N19.48 per share.

Nestle topped the gainers chart with 20.00 to close at N1500 per share. Cement Company of Northern Nigeria followed with 1.64 kobo to close at N17.78 per share. FBN Holding added 0.99 kobo to close at N14.75 per share.

Guaranty Trust Bank appreciated by 0.96 kobo to close at N52.11 per share. Guinness gained 0.55 kobo to close at N120.25 per share.

TransNational Corporation dominated in volume terms with 211 million shares worth N553million. Wema Bank accounted for 157 million units valued at N163million.

First City Monument Bank exchanged 143 million shares worth N516 million. FBN Holdings traded 141 million shares worth N2.1billion. Diamond Bank also exchanged 140 million shares valued at N487million.
In all, Investors exchanged 1.3 billion shares worth N10.7billion in 11,355 deal