Stock market sheds N80.5bn on profit-taking
Trading on the Nigerian Stock Exchange (NSE) reversed the positive trend yesterday, as investors engaged in profit-taking across all sectors.
The All-Share Index (ASI) went southward by 233.98 or almost one percent to close the day at 26,346.24. On Monday, the index added 328.83 to close at 26,580.22.
Market capitalization also dropped N80.5 billion to close at N9.065 trillion, in contrast to N113.1 billion gained the day before when it closed at N9.146 trillion. Investors transacted a total of 219 million units of shares valued at N1.4 billion in 3,423 deals.
The decline cut across the sub-sector indices most of which dropped in the course of the day’s trade. The Banking index fell 2.81 percent, The Main Board dropped 1.05 percent, and the NSE 30 shed 1.04 percent. The NSE Oil and Gas Index, however, grew 0.15 percent consequent on gains in Total and Oando.
The price movement table showed 19 companies appreciated, while 25 had their equity prices shaved.
UAC-Prop led on the gainers table by 5 percent to close at N3.15, Continental Reinsurance followed with an increase of 4.76 percent to close at N1.10, Nigerian Aviation Handling Company grew 4.63 percent to close at N2.71, Air Service appreciated 4.40 percent to close at N2.61, and Wapic gained 3.85 percent to close at 54 kobo .
Cutix led the decliners, losing 9.52 percent to close at N1.71, Caverton dropped 9.30 percent to close at 78 kobo , 7-Up depreciated 9.10 percent to close at N111.40, Fidson fell 4.51 percent to close at N1.27, while May Baker depreciated 4.26 percent to close at 90 kobo .
Financial Services stocks retained their positions at the top of the activity chart, as Omoluabi Savings and Loans emerged the most traded stock with 93.5 million shares worth N83.9 million. Fidelity Bank followed with 39.4 million shares worth N36.0 million, while FCMB was next with 37.1 million shares amounting to N49.4 million.
Custodian and Allied Insurance came fourth having traded 35.9 million units of shares valued at N134.8 million while Diamond Bank was fifth with 27.9 million shares worth N27.9 million.
