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Stocks Market Sheds 2.41% On Profit Taking



The Nigerian stocks market yesterday shed 2.41 per cent, to open for the week  as a result of profit taking.

The All Share Index (ASI) shed 678.77 absolute points, representing a decline of 2.41 per cent to close at 27,513.69 points. Similarly, the market capitalisation shed N235 billion, to close at N9.511 trillion.

The downturn was significantly impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle, Seplat, Nigerian Breweries, Forte Oil and Zenith Bank.

Capital market analysts said that, “The market traded on the downward side to reverse the positive position of the previous week as traders took position for profit taking to counter the gain so far.

“We expect profit-taking to continue in today’s session.”

Market breadth was negative, with 10 gainers versus 41 losers. Law Union Insurance recorded the highest price gain of five per cent, to close at 84 kobo per share. Presco followed with a gain of 4.26 per cent to close at N49, while Dangote Cement appreciated by 4.16 per cent to close at N163.01 per share.

Linkage Assurance went up by 3.85 per cent to close at 54 kobo, while UACN rose by 3.04 per cent to close at N15.60 per share.

On the other hand, Oando led the losers’ chart by 9.63 per cent, to close at N7.79 per share. Eterna Oil followed with a decline of 9.51 per cent to close at N3.52, while Fidson declined by 9.38 per cent to close at N1.74 per share.

Diamond Bank depreciated by nine per cent to close at 91 kobo and Zenith Bank declined by 5.68 per cent to close at N17.10 per share.

Total volume traded depreciated by 36.88 per cent to 670.96 million shares, worth N7.91 billion, and traded in 4,034 deals. Transactions in the shares of Zenith Bank topped the activity chart with 225.35 million shares valued at N4.06 billion. Access Bank followed with 173.34 million shares worth N1.21 billion, while ETI traded 77.5 million shares valued at N747.98 million.

FBN Holdings traded 44.6 million shares valued at N174.67 million, while Guaranty Trust Bank sold 27.57 million shares worth N794.11 million.