Profit-taking takes toll on NSE, indices down by N6b

Trading floor of NSE, Lagos

Equity transactions on the Nigerian Stock Exchange (NSE) closed on a downward note, reversing the three days consecutive appreciation, even as market capitalisation plummets by N6 billion.

Specifically, at the close of trading yesterday, the market capitalisation, which opened at N9.423 trillion, shed N6 billion or 0.06 per cent to close at N9.417 trillion.

Similarly, the All-Share Index lost 16.26 points or 0.06 to close at 27,420.99 compared with 27,437.25 posted on Wednesday.

Analysts attributed the drop in indices to profit taking by investors.

According to them, investors are leveraging the three days appreciation to recoup their investments.

Guinness emerged the highest price loser with a loss of N3.51 to close at N89.99 per share. Total followed with N2 to close at N249, while Mobil Oil dipped N1.73 to close at N167.94 per share.

GT Bank dropped 30 kobo to close at N24.70 per share. Cement Company of Northern Nigeria (CCNN) lost 20 k to close at N5.81 per share.

On the other hand, Lafarge Africa topped the gainers’ table with a gain of 70 kobo to close at N56 per share. Zenith Bank followed with 30 kobo to close at N15.30 and Stanbic IBTC appreciated by 15k to close at N14.1 per share.

Eterna Oil grew by 12 kobo to close at N2.62 per share. Africa Prudential increased by 9 kobo to close at N2.61 per share.

Further breakdown of market transactions indicated that United Bank for Africa was investors’ toast, exchanging 120.73 million shares worth N507.69 million.

Diamond Bank trailed with 36.84 million shares valued at N39.96 million and GT Bank sold 36.76 million worth N917.31 million.

Access Bank came fourth with a total of 15.26 million shares valued at N81.71 million, while FBN Holdings traded 14.59 million shares worth N45.87 million.

The volume of shares traded closed higher by 5.31 per cent as investors On the whole, investors exchanged 313.28 million shares valued at N3.60 billion traded in 2,883 deals.

This was higher that 297.48 million units worth N2.29 billion exchanged in 3,438 deals during the previous day.