Profit taking persists on stock exchange, indices down by 0.14 per cent

Naira notes used to illustrate market trading
Naira notes used to illustrate the story.

Nigerian equities market extended negative sentiments for the second trading session in spite of the earnings seasons.

The News Agency of Nigeria (NAN) reports that the crucial market indices slipped further by 0.14 per cent to what market watchers attributed to mixed earnings and unimpressive dividends.

NAN reports that most blue chips recorded price depreciation with Nestle leading the pack with a loss of N18.20 to close at N1, 526.60 per share.

Presco trailed with a loss of N7 to close at N68, while Nigerian Breweries was down by N5 to close at N70 per share.

GlaxosmithKline dropped N1.05 to close at N10.50, while Dangote Cement declined by 50k to close at N189.40 per share.

Consequently, the market capitalisation which opened at N11.607 trillion lost N16 billion or 0.14 per cent to close at N11.591 trillion.

In the same vein, the All-Share Index shed 43.07 points or 0.14 per cent to close at 31,082.32 compared with 31,125.39 on Monday.

Mobil led other 15 stocks to lead the gainers’ table, appreciating by N4 to N170 per share.

Guaranty Trust Bank followed with a gain of N1.45 to close at N36.85, while Ecobank Transnational Incorporated gained 30k to close at N13.80 per share.

FCMB Group added 12k to close at N1.92, while Access Bank increased by 10k to close at N5.95 per share.

In spite of the drop in market indices, the volume of shares transacted inched by 39.45 per cent, while value of shares traded rose by 60.10 per cent.

Specifically, investors bought and sold 286.89 million shares valued at N3.09 billion achieved in 3,924 deals.

This was against the 205.73 million shares worth N11.61 billion exchanged in 3,821 deals on Monday.

Access Bank was the most active stock, exchanging 84.67 million shares worth N500.04 million.

United Bank for Africa followed with 40.91 million shares valued at N307.88 million, while Zenith Bank sold 22.15 million shares worth N482.91 million.

Guaranty Trust Bank exchanged 22.06 million shares valued at N796.96 million, while Chams sold 20.05 million shares worth N4.01 million.



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