NSE Index Sheds 0.83% as Profit Takers Dominate Market

May 18, 2018
NSE index falls

By Dipo Olowookere

Profit taking resumed on the floor of the Nigerian Stock Exchange (NSE) on Thursday, leaving the market bleeding at the close of transactions.

The local bourse ended the day’s trading by shedding 0.83 percent to reverse the gains of the previous session.

While the All-Share Index (ASI) lost 341.56 points to close at 40,651.41 points, the market capitalisation reduced by N123.7 billion to settle at N14.725 trillion.

Business Post reports that all sector indices closed lower yesterday with the exception of the NSEOILG5 which slightly grew by 0.01 percent.

While the NSEIND lost 1.65 percent, the NSEFBT10 fell by 1.10 percent, NSEBNK10 by 0.36 percent and NSEINS10 by 0.04 percent.

Despite the loss, the volume and value of equities transacted by investors on Thursday appreciated by 63.54 percent and 73.43 percent respectively.

A total of 424.4 million shares were traded at the market yesterday in 3,502 deals worth N7.6 billion compared with the 259.5 million equities sold in the previous session in 4,000 deals valued at N4.4 billion.

These transactions were dominated by stocks in the Financial Services sector with a total of 387.7 million shares exchanged for N6.1 billion. It was followed by counters in the Consumer Goods, which recorded 10.9 million shares traded for N1.1 billion.

A further breakdown showed that Zenith Bank emerged the most traded stock, selling 170.6 million units worth N4.7 billion.

It was followed by Access Bank, which traded 44.2 million shares for N486.3 million, and FCMB, which exchanged 25.9 million shares valued at N69.5 million.

Niger Insurance traded 23.4 million equities worth N5.2 million, while Fidelity Bank sold 16.3 million shares for N36.4 million.

On the price movement chart, it was a bad day for Nigerian Breweries as the stock depreciated by N4.40k to close at N123.30k per share.

Dangote Cement went down by N2 to finish at N248 per share, while CCNN declined by N1.45k to end at N26.10k per share.

Stanbic IBTC dropped N1 to close at N48 per share, while Lafarge also went down by N1 to settle at N40 per share.

At the other side, Oando topped the price gainers’ table with 35k added to its share value to close at N7.55k per share.

It was followed by Flour Mills, which moved up by 30k to end at N35 per share, and Custodian and Allied increased by 25k to close at N5.25k per share.

Zenith Bank grew by 15k to settle at N27.90k per share, while UAC Prop advanced by 10k to finish at N2.25k per share.

Dipo Olowookere

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.

Mr Olowookere can be reached via [email protected]

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