New Telegraph

Profit taking drags market down by N160bn

Equities trading at the Nigerian Stock Exchange yesterday witnessed another drop in share prices as bears sustained their grip on the local bourse following profit taking by investors. The local bourse recorded only nine gainers and 50 losers to sustain the downward trend.

Consequently, the All- Share Index dipped 314.11 basis points or 0.7 per cent to close at 42,043.79 index points as against 42.357.90 recorded the previous trading session while market capitalisation of equities depreciated by N160 billion from N22.153 trillion the previous day to N42.043.79 trillion as market sentiments remained on the negative territory. Meanwhile, a turnover of 563.22 million shares exchanged in 7,116 deals was recorded in the day’s trading. The premium sub-sector was the most active (measured by turnover volume); with 153.18 million shares exchanged by investors in 2,213 deals. Volume in the subsector was largely driven by activities in shares of FBNH Plc and Zenith Bank Plc. Also, the banking subsector boosted by activities in shares of UNN Plc and Fidelity Bank Plc followed with a turnover of 124.83 million shares in 866 deals.

Further analysis of the day’s trading showed that in percentage terms, Champion Breweries Plc topped the day’s gainers’ table by 10 per cent to close at N3.76 per share while Unilever Nigeria Plc followed with 5.19 per cent to close at N14.20 per share. e-Transact Plc added 5.15 per cent to close at N2.45 per share. On the flip side, Linkage Assurance Plc led the losers by 10 per cent to close at 81 kobo per share while BOC Gasses Plc shed 9.99 per cent to close at N13.61 per share. ARDOVA Plc trailed with 9.97 per cent to close at N17.15 per share.

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