Profit Taking Drops Market Cap by N112b amid Low Appetite

By Dipo Olowookere

Profit taking by investors weighed down the Nigerian Stock Exchange (NSE) on Friday, Business Post is reporting.

The renewed sell off by stock market investors left the local bourse bleeding by 0.96 percent as the year-to-date loss sank deeper to 17.17 percent.

It was observed that during the day’s trading session, investors remained cautious of happenings in the political and economic landscapes in the country.

By the time market closed for the day and week, the All-Share Index (ASI) went down by 305.90 points to close at 31,678.70 points, while the market capitalisation declined by N112 billion to finish at N11.565 trillion.

Unlike in the previous session, the volume and value of shares traded at the market depleted by 66.72 percent and 82.73 percent respectively.

A total of 223.9 million shares worth N2.6 billion exchanged hands during the day compared with the 672.6 million shares valued at N15.2 billion transacted on Thursday.

The Financial Services sector dominated the trades on Friday, accounting for 188.1 million shares sold for N1.1 billion, while the Consumer Goods sector followed with 26.5 million equities transacted for N1.4 billion.

Diamond Bank witnessed a huge trade yesterday with a total of 113.3 million units of its shares sold for N102 million.

Nigerian Breweries traded 15.3 million equities valued at N1.3 billion, while Zenith Bank transacted 13.8 million shares worth N331.3 million.

FBN Holdings sold 11.9 million shares for N90.1 million, while Access Bank exchanged 11.6 million equities valued at N86.6 million.

The market breadth ended negative on Friday after 14 stocks appreciated in price against the 15 depreciating counters.

Dangote Cement led the losing pack yesterday after its share price reduced by N5 to quote at N195 per share.

It was followed by Nigerian Breweries, which lost N1.90k to end at N81.50k per share, and Stanbic IBTC, which fell by N1 to close at N49 per share.

Lafarge Africa also reduced by N1 to settle at N14 per share, while Flour Mills depreciated by 65 kobo to end at N19.80k per share.

On the other hands, CAP topped the gainers’ chart after adding N2.60k to its share value to finish at N29.20k per share.

PZ Cussons grew by 95 kobo to end at N10.65k per share, while UAC of Nigeria appreciated by 40 kobo to settle at N9.90k per share.

GTBank increased by 40 kobo to close at N36.40k per share, while NNFM shares went up by 30 kobo  to quote at N5.30k per share.