Renewed profit-taking drags index by 0.75 per cent

Following renewed profit-taking, the Nigerian equity market reopened on a downturn yesterday, as the All-Share Index (ASI) fell by 0.75 per cent.
 
At the close of transactions Monday, the ASI shed 263.38 absolute points, representing a decline of 0.75 per cent to close at 34,774.08 points. Similarly, the overall market capitalisation size lost N137 billion to close at N18.171 trillion.

The downtrend was impacted by losses recorded in large and medium capital stocks, amongst which were; Nigerian Breweries, Dangote Sugar Refinery, Lafarge Africa, Flour Mills of Nigeria, and Zenith Bank.
 
Analysts at United Capital Plc expected the market to remain buoyed with liquidity, saying: “While we anticipate some profit-taking activity in the week, we maintain that the bullish momentum will be sustained.”

Also, sentiment, as measured by the market breadth was negative, as 43 stocks lost, relative to 11 gainers.

Also, the total volume traded declined by 43.92 per cent to 668.531 million shares worth N7.849 billion, traded in 10,319 deals.      
 
Transactions in the shares of Zenith Bank topped the activity chart with 94.034 million shares valued at N2.51 billion. Transnational Corporation of Nigeria (Transcorp) followed with 75.482 million shares worth N82.990 million, while FBN Holdings (FBNH) traded 65.223 million shares at N499.297 million.
   
United Bank for Africa (UBA) traded 60.104 million shares valued at N524.521 million, and Access Bank transacted 50.292 million shares worth N449.474 million.