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Profit-taking drags market indices by 0.02 per cent         


Nigerian Stock Exchange

Gain, the Nigerian Stock Exchange (NSE) closed lower at the end of last week’s transactions, with its benchmark All-Share Index and market capitalisation depreciating by 0.02 per cent to close at 30,866.82 points and N11.269 trillion respectively on profit taking after two consecutive sessions.
The strong volatility and negative sentiment during the trading sessions may, however, be attributed to sell-offs in highly capitalised stocks on the exchange.The pullback is expected to create more buying opportunities ahead of the Santa Claus and year end rally, as fund managers and other market players reposition their portfolios for post-election activities and 2018 full year earnings reporting session in February and March 2019.  
Similarly, all other indices finished lower with the exception of the NSE CG, NSE Main Board, NSE 30, NSE Banking, NSE Consumer Goods, NSE Oil and Gas, NSE Lotus II and NSE Pension Indices that rose by 0.82 per cent, 0.41 per cent, 0.10 per cent, 0.89 per cent, 0.64 per cent, 1.98 per cent, 0.08 per cent and 0.03 per cent respectively, while the NSE ASeM index closed flat.
Also, the volume of shares traded witnessed decline, as turnover of 1.107 billion shares worth N11.192 billion was recorded in 14,430 deals on the floor of the Exchange in contrast to 1.199 billion units valued at N14.277 billion that was exchanged in 15,841 deals during the preceding week.
Analyst at Investdata Consulting Limited said: “We expect this volatility to be sustained as bargain hunting and portfolio repositioning for year-end shape performance of the market ahead of Santa Claus rally.“The ongoing volatility will persist as Q3 numbers assist investors and fund managers rebalance their portfolios, while watching the political space and ahead of the expected Q3 GDP and full year company earnings position.”

Further breakdown of last week’s transactions showed that the financial services industry (measured by volume) led the activity chart with 891.032 million shares valued at N7.180 billion, traded in 8,929 deals; thus contributing 80.50 per cent to the total equity turnover.
The oil and gas industry followed with 76.097 million shares worth N519.777 million in 993 deals, as the services industry ranked third, with a turnover of 45.890 million shares worth N81.670 million in 355 deals.
Trading in the top three equities- FBN Holdings Plc, First City Monument Bank Plc and Diamond Bank Plc, (measured by volume) accounted for 547.260 million shares worth N2.409 billion in 2,605 deals, contributing 49.44 per cent to the total equity turnover volume.
Also, 30 equities appreciated in price during the week, higher than 25 in the previous week, as 38 equities depreciated in price, lower than 41 of the previous week, while 101 equities remained unchanged, lower than 103 equities recorded in the preceding week.

Also traded during the week were a total of 84,714 units of Exchange Traded Products (ETPs) valued at N1.219 million executed in 10 deals. There was no transaction recorded last week.

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Nigerian Stock Exchange
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