Profit Takers Weaken Stock Market Further by N62b

By Modupe Gbadeyanka

Activities of profit-takers on the floor of the Nigerian Stock Exchange (NSE) further left the market in the red territory today, Business Post is reporting.

At the close of business on Tuesday, the stock market closed 0.46 percent lower, driving the year-to-date return down further to 40.59 percent.

The All-Share Index (ASI), after the transactions ended at the NSE, went down today by 174.20 points to close at 37,783.76 points from 37,957.96 points yesterday, while the market capitalisation decreased by N62 billion to finish at N13.446 trillion from N13.508 trillion on Monday.

Also, the volume shares transacted today declined by 13.63 percent from 752.113 million to 649.632 million, while the total value of stocks exchanged depleted by 95.76 percent from N127.934 billion to N5.425 billion.

Unlike yesterday when the Industrial Goods sector led the activity chart, the Conglomerates industry led the activity chart on today with 360.54 million shares worth N507 million traded by investors, while the Financial Services sector followed with 233.426 million shares exchanged for N3.9 billion.

A breakdown of the individual trade showed Transcorp leading the chart with 360.3 million units sold for N504.6 million.

It was trailed by FBN Holdings, which transacted 63.8 million shares worth N567 million, and Zenith Bank, which traded 62.5 million shares valued at N1.6 billion.

GTBank transacted 39 million shares at N1.6 billion, while Thomas Wyatt Nigeria exchanged 22.4 million shares for N11.2 million.

Business Post reports that remained the highest price loser on Tuesday, depreciating further by N1.50k to close at N228.50k per share.

It was followed by Dangote Sugar, which crashed by N1.8k to finish at N20.57k per share, and Forte Oil, which sank by N1.2k to end at N43.48k per share.

Ecobank fell by 70k to finish at N16.80k per share, while Cadbury Nigeria went down by 50k to close at N13.40k per share.

On the flip side, Unilever claimed the top spot on the price gainers’ chart, growing by N1.79k to close at N41.99k per share.

Eterna appreciated by 16k to finish at N4.15k per share, and Access Bank gained 6k to finish at N10.40k per share.

Livestock Feeds rose by 4k to settle at 86k per share, while Fidelity Bank also appreciated by 4k to close at N2.28k per share.