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Profit takings shave off N36bn from NSE



Profit takings shave off N36bn from NSE


Activities on the Nigerian Stock Exchange (NSE) yesterday continued to skew downwards following sustained sell-off by investors who are taking advantage of the recent rally to pick profits.

The overall performance measures, NSE ASI and market capitalisation, fell further by 0.25 per cent as market remained on the red route.

Consequently, the All-Share Index shed 98.74 basis points or 0.25 per cent to close at 40,150.55 index points as against 40,249.29 recorded the previous day, while market capitalisation of equities depreciated by N36 billion or 0.25 per cent to close lower at N14.543 trillion from N14.579 trillion as market sentiment remained on the red territory.

Meanwhile, a turnover of 266.7 million shares in 3,721 deals was recorded in the day’s trading.

The Premium sub-sector was the most active measured by turnover volume) with 77.5 million shares exchanged by investors in 1,057 deals.

Volume in the sub-sector was largely driven by activities in the shares of Zenith Bank Plc and Access Bank Plc.

The banking services sub-sector of the financial services segment boosted by the activities in the shares of GTB Plc and Wema Bank Plc followed with a turnover of 36.6 million shares in 507 deals.

The number of gainers at the close of trading session was 15 while decliners closed at 28.

Further analysis of the day’s trading showed that Ikeja Hotel Plc sustained lead on gainers’ table with 9.80 per cent to close at N2.24 per share, following positive sentiment after technical suspension on the stocks were lifted. MRS Plc trailed with 4.87 per cent to close at N31.20 per share. First Aluminum Plc tailed with a gain of 4.55 per cent to close at 46 kobo per share.

On the flip side, UACN Plc led the losers’ chart with a drop of 8.52 per cent to close at N14.50 per share. Chams Plc followed with a loss of five per cent to close at 38 kobo per share while C& I Leasing Plc dropped by 4.93 per cent to close at N1.35 per share.

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