Stocks Lose N50bn as Investors Book Profit on MTN, Others

industrial goods stocks

By Dipo Olowookere

Profit-taking dominated the Nigerian Stock Exchange (NSE) on Thursday, resulting into a 0.38 percent loss at the close of business.

The All-Share Index (ASI) depreciated by 95.91 points to 25,312.05 points from 25,407.96 points, while the market capitalisation reduced by N50 billion to N13.204 trillion from N13.254 trillion.

A total of 270.2 million shares worth N5.3 billion were traded in 4,550 deals yesterday in contrast to the 353.3 million stocks valued at N7.0 billion transacted in 4,659 deals the previous session.

This indicated 23.53 percent decrease, 24.72 percent decline and 2.34 percent fall in the volume, value and number of deals achieved on Thursday.

FBN Holdings was the most active stock, trading 41.4 million units worth N225.7 million, while Zenith Bank traded 25.2 million shares for N427.7 million.

FCMB transacted 22.1 million units valued at N38.2 million, GTBank exchanged 18.7 million equities for N465.3 million, while Dangote Cement traded 18.0 million shares for N2.6 billion.

At Thursday’s session, a total of 17 equities closed in red as against the 16 price gainers.

MTN Nigeria was the heaviest price loser as the stock lost N2 to settle at N116 per share, while GTBank depreciated by 50 kobo to sell at N24.50 per share.

Custodian Investment depreciated by 45 kobo to N5.85 per unit, GlaxoSmithKline fell by 40 kobo to N7.50 per share, while Access Bank declined by 35 kobo to trade at N6.50 per unit.

At the other side, Dangote Cement was the best performing stock, gaining N1.40 to sell at N141.90 per share, while Dangote Sugar grew by 95 kobo to quote at N15 per unit.

Flour Mills appreciated by 85 kobo to finish at N20.85 per share, C&I Leasing gained 45 kobo to sell at N5.30 per unit, while SAHCO rose by 22 kobo to N2.49 per share.

Yesterday, the banking sector lost 2.12 percent, the energy sector fell by 0.39 percent, while the insurance sector declined by 0.28 percent. However, the consumer goods and the industrial goods sectors appreciated by 0.89 percent and 0.23 percent respectively.

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 dipo.olowookere@businesspost.ng

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