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Stock Market Drops By 0.18% In Profit Taking Trading

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Transactions at the Nigerian Stock Exchange (NSE), yesterday remained on a downward trend due to profit taking.

The lead indicator, NSE-ASI shed 49.55 absolute points or 0.18 per cent to closed at 27,707.12 points. Similarly, the market capitalization shed N17 billion to close at N9.518 trillion.

The downturn was significantly imparted by value depreciation recorded by the following large capitalised stocks, PZ Industry, International Breweries, Nigerian Breweries, Dangote Cement, Guaranty Trust Bank and Glaxosmith.

Stock market analysts have said as economic indicators point to a frail economy, investor sentiment is expected to wane and market performance to remain soft.

According to them, there would be profit taking by investors in counters that appreciated in the previous week.

Market breadth closed negative with 13 gainers and 17 losers. May and Baker led the gainers table by 4.94 per cent to close at 85 kobo per share. Cutix followed with a gain of 4.67 per cent to close at N1.57, while Diamond Bank advanced by 4.46 per cent to close at N1.17 per share.

While UBA went up by 3.69 per cent to close at N4.50 and Nahco rose by 2.94 per cent to close at N3.50 per share.

On the other hand, PZ Industries led the laggards’ table by 4.97 per cent to close at N17.17 per share. NEM Insurance trailed with a loss of 4.82 per cent to close at 79 kobo, while Johnholt and Aiico Insurance declined by 4.55 per cent each to close at 66 kobo each per share. Also, United Capital shed by 4.37 per cent to close at N2.19 per share.

Meanwhile, the total volume traded declined by 36.98 per cent to 195.024 million shares, valued at N1.57 billion, and traded in 3,221 deals. Transactions in the shares of FBN Holdings topped the activity chart with 53.8 million shares valued at N169.51 million. Guaranty Trust Bank followed with 23.54 million shares worth N635.67 million, while Diamond Bank traded 19.39 million shares valued at N22.42 million.

UBA traded 16.95 million shares worth N74.44 and FCMB transacted 16.65 million shares valued at N18.84 million.

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