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Profit Taking Ends 9-Days Bull-Run As Stock Market Sheds 1.16%

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Leadership Nigeria News Today

by OLUSHOLA BELLO, Lagos
The Nigerian stocks market saw renewed profit taking activity with a decline of 1.16 per cent, yesterday, bringing to a halt previous nine days bull-run. In summary, the All Share Index (ASI) shed 378.00 absolute points, representing a decline of 1.16 per cent to close at 32,578.38 points. Similarly, the market capitalisation shed N131 billion, to close at N11.132 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Mobil, Dangote Cement, unilever Nigeria, Conoil and Mansard Insurance. Market breadth was positive, with 38 gainers versus 22 losers. Sterling Bank recorded the highest price gain of 9.76 per cent, to close at 90 kobo per share.
May and Baker followed with a gain of 9.69 per cent to close at N2.15, while Champion Breweries appreciated  by 9.15 per cent to close at N3.10 per share.  Diamond Bank went up by 5.79 per cent to close at N1.28 and UAC Property rose by 5.17 per cent to close at N2.85 per share.
On the other hand, Mobil led the losers’ chart by 9.75 per cent, to close at N288.56 per share. NPF Microfinance and Dangote Cement followed with a decline of five per cent each, to close at N1.33 and N199.50 per share, respectively. Unilever Nigeria depreciated by 4.53 per cent to close at N35.79 and Mansard insurance declined by 4.44 per cent to close at N2.37 per share.
Meanwhile, the total volume traded appreciated by 16.32 per cent to 744.99 million shares, worth N6.52 billion, and traded in 7,841 deals. Transactions in the shares of Diamond Bank topped the activity chart with 133.51 million shares valued at N168.7 million. Fidelity Bank followed with 76.83 million shares worth N102.59 million, while Access Bank traded 69.59 million shares valued at N652.13 million.
FBN Holdings traded 66.47 million shares valued at N484.19 million, while FCMB Groups sold 59.74 million shares worth N79.27 million.




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