Profit taking takes toll on NSE as indices plunge marginally by N17b

Following profit taking by investors, the Nigerian equity market reversed its positive performance yesterday, as market capitalisation plummeted by N17 billion.

Specifically, at the close of transactions yesterday, the All-Share Index (ASI) shed 45.40 absolute points, representing a dip of 0.14 per cent to close at 32,568.65 points. Similarly, the market capitalisation shed N17 billion at N12.145 trillion.

Yesterday’s performance was influenced by price depreciation in medium and large capitalised stocks, among which are, International Breweries, Zenith Bank, PZ Industries, Dangote Four Mills and UAC of Nigeria.

Analysts attributed the drop in indices to profit taking by investors on the exchange.

According to them, investors leveraged the price appreciation recorded in the past few days to recoup their investment.

For instance, analysts at Afrinvest Limited said: “in line with our expectation, investors took profit in yesterday’s trading session; we expect to see further profit taking in today’s trading session, the eve of the rescheduled presidential election, as investors trade cautiously.”

Market breadth closed negative with 21 gainers against 15 losers.

Ikeja Hotel recorded the highest price gain of 9.94 per cent, to close at N1.99, while Associated Bus Company and UAC Property Development Co followed with a gain of 8.33 per cent, each to close at 52 kobo and N1.82, respectively, per share.

First Aluminium appreciated by 6.90 per cent to close at 31 kobo, while McNichols went up by 6.82 per cent to close at 47 kobo, per share.

On the other hand, Linkage Assurance led the losers’ chart by 10 per cent, to close at 63 kobo, per share. International Breweries followed with a decline 9.48 per cent to close at N26.25 per share.

Neimeth International Pharmaceuticals declined by 8.57 per cent to close at 64 kobo, per share.
Mutual Benefits Assurance declined by 7.41 per cent to close at 25 kobo, while Lasaco Assurance down by 6.06 per cent, to close at 31 kobo, per share.

Total volume traded went down marginally by 50.29 per cent to 220.61 million units, valued at N2.24 billion, and exchanged in 4,327 deals.

Transnational Corporation of Nigeria (Transcorp) traded with 24.73 million shares valued at N36.16 million. FCMB Group followed with 19.22 million shares worth N43.89 million.

Guaranty Trust Bank traded 16.53 million shares valued at N630.23 million.

Zenith Bank traded 15.67 million shares valued at N402.21 million. Access Bank also transacted 14.27 million shares worth N91.01 million.

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