Profit-Takers Devour Local Bourse by 0.21%

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By Dipo Olowookere

The stock market in Nigeria depreciated by 0.21 per cent on Thursday to reverse the gains of the preceding trading session.

Profit-taking activities of investors majorly caused the decline suffered by the Nigerian Exchange (NGX) Limited yesterday and this turned the sentiment negative.

This was because the local bourse recorded 15 appreciating stocks and 20 depreciating stocks led by Livestock Feeds, which lost 10.00 per cent to sell for N1.80.

UPDC declined by 8.33 per cent to N1.10, CAP depleted by 5.70 per cent to N18.20, Sovereign Trust Insurance went down by 4.17 per cent to 23 kobo, while Cutix fell by 4.00 per cent to N2.40.

Conversely, Royal Exchange topped the gainers’ log with a price appreciation of 5.00 per cent to close at 63 kobo, Chams grew by 4.76 per cent to 22 kobo, NGX Group rose by 3.92 per cent to N18.55, Ecobank appreciated by 3.26 per cent to N9.50, while Transcorp gained 3.16 per cent to trade at 98 kobo.

At the market yesterday, the energy, banking and consumer goods counters grew by 0.54 per cent, 0.45 per cent and 0.11 per cent respectively, while the insurance and industrial goods sectors depreciated by 0.83 per cent and 0.73 per cent respectively.

At the close of transactions, the All-Share Index (ASI) went down by 87.13 points to 42,270.23 points from 42,357.36 points, while the market capitalisation decreased by N45 billion to settle at N22.057 trillion compared with the preceding session’s N22.102 trillion.

On the activity chart, the trading volume and value increased by 10.28 per cent and 35.73 per cent respectively, while the number of deals depreciated by 2.93 per cent.

This was because a total of 249.4 million stocks worth N3.6 billion were traded in 3,578 deals on Thursday in contrast to the 226.2 million stocks worth N2.6 billion traded in 3,476 deals on Wednesday.

The quest to control FBN Holdings continued yesterday as it closed at the most transacted equity with a turnover of 79.1 million units valued at N955.9 million.

Access Bank traded 33.3 million stocks worth N299.5 million, Ecobank exchanged 23.2 million equities valued at N218.4 million, UBA traded 13.0 million shares for N100.8 million, while Zenith Bank sold 9.6 million stocks for N238.4 million.

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