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Stock Market Sheds O.81% On Profit Taking

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The Nigerian stock market opened the week with a loss of 0.81 per cent on profit taking by investors. I‎n summary, lead indicator, NSE-ASI shed 226.04 absolute points, representing a decline of 0.81 per cent to close at 27,634.99 points. Similarly, the market capitalisation shed N78 billion to close at N9.492 trillion.

The downturn was mainly imparted by value depreciation recorded by the following large capitalised stocks, Forte Oil, Seplat, Nigerian Breweries, Glaxosmith and Cadbury.

Forecasting stock market performance for the week, analysts said, “This week, we expect investors to assume a cautious stance, with third quarter earnings season on the horizon. This should see the ASI trade within a tight range, with the bears likely to edge proceedings.”

Market breadth closed negative with seven gainers and 24 losers. Wema Bank led the gainers table by 6.45 per cent to close at 66 kobo per share. Wapic Insurance followed with a gain of 4 per cent to close at 52 kobo, while FCMB advanced by 2.70 per cent to close at N1.14 per share.

While Skye Bank went up by 1.61 per cent to close at 63 kobo and African Prudential rose by 1.49 per cent to close at N2.72 per share.

On the other hand, Nahco led the laggards’ table by 7.58 per cent to close at N3.05 per share. Forte Oil trailed with a loss of 5 per cent to close at N137.87, while Cadbury declined by 4.98 per cent to close at N14.89 per share.

Glaxosmith declined by 4.95 per cent to close at N17.48, while ETranzact shed by 4.86 per cent to close at N4.89 per share.

Meanwhile, the total volume traded rose by 15.83 per cent to 255.81 million shares, valued at N778.44 billion, and traded in 2,588 deals. Transactions in the shares of Law Union topped the activity chart with 100 million shares valued at N70 million. Transcorp followed with 49.56 million shares worth N49.62 million, while Costain traded 32.06 million shares valued at N16.03 million.

FBN Holdings traded 15.37 million shares worth N46 million and UBA transacted 10.12 million shares valued at N42.84 million.

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