Profit Takers Run Away With N28bn at Stock Market Friday

By Dipo Olowookere

The sum of N28 billion was lost at the Nigerian Stock Exchange (NSE) on Friday as a result of activities of profit takers, who quickly booked profit ahead of the Christmas break this Wednesday.

The nation’s stock market would be closed for business on Wednesday and Thursday for Christmas and Boxing Day before resuming for transactions on Friday.

During last Friday’s trading day, the local bourse depreciated by 0.22 percent as a result of selloffs in some large-cap stocks at the market, including Guinness Nigeria and others.

By 2:30pm, when activities were wrapped up, the All-Share Index (ASI) reduced by 58.10 points to 26,526.35 points from 26,584.45 points, while the market capitalisation went down by N28 billion to N12.804 trillion from N12.832 trillion.

The loss was mainly influenced by the 1.55 percent decline suffered by the banking index, 1.11 percent loss in the oil/gas index and the 0.42 percent drop in industrial goods sector. They overpowered the 0.83 percent growth posted by stocks in the consumer goods sector. The insurance index closed flat.

Business Post reports that activity level was mixed during the session as the volume trades improved by 12.29 percent to 341.6 million from 304.2 million, while the value reduced by 25.74 percent to N2.3 billion from N3.2 billion.

Union Diagnostic dominated trading last Friday, transacting 166.1 million units worth N33.2 million, while FCMB followed with 29.6 million shares valued at N54.0 million.

Zenith Bank traded 23.9 million equities for N440.4 million, GTBank exchanged 23.0 million shares valued at N680.0 million, while Fidelity Bank transacted 14.6 million equities worth N31.8 million.

On the losers’ chart, Guinness Nigeria led with a price depreciation of N3.55 to finish at N32.05 per unit, while Dangote Sugar lose N1.65 to settle at N14.90 per share.

NASCON declined by N1.30 to end at N11.95 per unit, Cadbury Nigeria went down by N1.05 to close at N9.60 per unit, while BOC Gas declined by 60 kobo to finish at N5.50 per unit.

On the gainers’ table, Nigerian Breweries took the top spot after rising by N5.25 to settle at N57.95 per unit and was trailed by Unilever Nigeria with a growth of N1.75 to close at N20.20 per share.

Julius Berger rose by 50 kobo to finish at N19.50 per unit, Stanbic IBTC appreciated by 30 kobo to trade at N37.50 per share, while Flour Mills gained 20 kobo to sell at N19.50 per unit.