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Nigerian Equities Market Loses Early Gains to Finish Weaker

By Dipo Olowookere

The positive momentum at the Nigerian Stock Exchange (NSE) slowed on Friday after the stock market lost its early gains to profit taking, finishing weaker at the close of transactions.

As at the time market activities closed today, the market indices went down by 0.33 percent as investors take profit of what they have made since the beginning of this year at the stock market.

The All-Share Index (ASI), which closed on a record high yesterday after crossing 43,000 points mark, depreciated by 142.64 points to finish at 42,898.90 points.

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However, the market capitalisation increased by N51.4 billion to settle at N15.369 trillion in contrast to N15.317 trillion it closed yesterday.

Also, the volume of shares transacted by investors increased today to 1.4 billion from 1.2 billion yesterday, but the value depreciated to N14.2 billion from N17.4 billion the previous day.

Transcorp remained the most traded equity, transacting 222.9 million shares valued at N500 million, and was followed by Diamond Bank, which sold 153.5 million shares worth N418.3 million.

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FBN Holdings sold 133.4 million shares for N1.6 billion, FCMB traded 112.2 million units worth N300 million, while Fidelity Bank transacted 85.9 million shares valued at N296.3 million.

On the price movement chart, International Breweries was the highest price loser, shedding N2 to close at N60 per share.

Zenith Bank followed with N1.75k of its value lost to finish at N31.26k per share, and Flour Mills, which went down by N1.65k to end at N31.35k per share.

Nigerian Breweries depreciated by N1.63k to close at N151.5k per share, while Julius Berger declined by N1.18k to settle at N28.22k per share.

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At the other hand, Nestle led the top gainers’ chart, appreciating by N39.54k to settle at N1490 per share.

Mobil gained N9 to close at N190 per share, while Guinness Nigeria went up by N3.78k to finish at N108.99k per share.

Lafarge grew by N2.30k to close at N56.90k per share, while Stanbic IBTC improved by N2.14k to end at N44.94k per share.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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