Downswing due to profit taking
he equities market closed yesterday negative to commence weekly trading activities on the downswing after closing positive on Friday.
The market performance indices, NSE ASI, depreciated by 0.26 per cent.
The downswing, according to market watchers, was due to profit taking by investors.
Consequently, the All-Share Index dropped by 160.59 basis points or 0.26 per cent from 29,628.84 index points last Friday to 29,552.99 while the market capitalisation of equities depreciated by N39 billion to close at N15.222 trillion from N15.261trillion.
On the activity chart, the insurance sub-sector dominated in volume terms with 230.6 million shares exchanged in 109 deals. The sub-sector was enhanced by activities in shares of Veritas Kapital Plc and Regency Alliance Insurance Plc.
The premium sub-sector boosted by activities in shares of Zenith Bank Plc and UBA Plc followed with 94.3 million units traded in 1,745 deals.
In all, investors exchanged a total of 444 million shares in 4,306 deals.
Further analysis of the day’s trading showed that Nacho Plc led the gainers chart with 9.80 per cent to close at N2.69 per share while NPFMFB Plc followed with 9.73 per cent to close at N1.24 per share and Neimeth Pharmaceuticals Plc with a gain of 8.51 per cent to close at 51 kobo per share.
On the flip side, Unilever Nigeria Plc led the losers’ chart with a drop of 9.97 per cent to close at N15.80 per share. Eterna Oil Plc followed with a loss of 9.52 per cent to close at 2.85 per share while Royal Exchange Plc dropped by 9.09 per cent to close at 30 kobo per share.