Profit taking takes toll on equities, market capitalisation down by N268b

Following price losses that outweighed gains yesterday, equity transactions on the Nigerian Stock Exchange  re-opened on a downward note, as market capitalisation went down by N268 billion.

Specifically, at the close of transactions yesterday, market capitalisation dropped by N268 billion or 2.3 per cent from N12,135 trillion recorded last week Thursday to N11,867 trillion while the All-share index slides by 786.33 points or 2.2 per cent from 35,728.12 to 34,941.79.

The drop in indices, may, however be attributed to the one-day holiday declared to commemorate Easter Monday celebration, as well as profit taking by investors who wanted to leveraged on the capital appreciation to boost their investment.

Precisely, 42 stocks depreciated in price yesterday, led by Seplat with 9.75 per cent to close at N400.71 per share while Guaranty Trust Bank followed with  9.69 per cent to close at N28.79 per share. Flourmills lost 7.63 per cent to close at N34.01 per share. Eternaoil dropped 5.00 per cent to close at N3.04 per share.

Other losers of yesterday’s transactions include Zenith Bank, Okomuoil, Union Dicon, shedding  4.99 and 4.98  to close at N23.80, N26.88 and N11.84 per share respectively.

African Prudential lost 4.93 per cent to close at N2.70 per share.

Skye Bank and Nigerian Aviation Handling Company also shed 4.92 and 4.89 per cent to close at N2.51 and N6.42 per share.

On the other hand, 20 stocks appre ciated in price, as GlaxoSmithKline emerged the day’s highest price gainer with 10.23 per cent to close at N56.26 per share while Berger paints followed with 10.15 per cent to close at N9.98 per share.

Champion Breweries added 9.89 per cent to close at N8.11 per share.

LearnAfrica gained 8.66 per cent to close at N1.38 per share. Constain West Africa, Neimeth, DangoteFlourmills garnered 8.57,6.85 and 4.92 per cent to close at N0.76, N0.78 and N4.48 per share.

CAP gained  4.88 per cent to close at N35.66 per share. Airservice added 4.71 per cent to close at N1.78 per cent.
Nestle also gained 4.63 per cent to close at N980.00 per share.

Further analysis of the investment showed that financial service sector led the activities in volume terms trading 433.501 million shares worth N5.539 billion exchanged in 4351 deals. Banking subsector was the toast of investors in the sector with account of 308.037 million shares worth N4.758 billion in 2216 deals.
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Zenith International Bank Plc was investors delight with account 120.833 million shares worth N2.896 billion in 797 deals, United Bank for Africa followed with account of 57.087 million shares valued at N268.421 million in 537 deals,  Fidelity Bank sold 48.101 million shares worth N101.620 million in 300 deals  FCNHoldings  55.262 million shares cost N518.660 million in 902 deals, Transnational Corporation of Nigeria 52.312 million shares valued at N183.767 million in 146 deals.