Stocks market index depreciates further by 0.27% amid profit-taking

Equity transactions closed on a downturn on the last trading day of the week occasioned by price losses suffered by most blue-chip stocks, as the All-share index slides further by of 0.27 percent.

Precisely, at the close of trading yesterday, the ASI shed 103.7 absolute points, representing a decline of 0.27 per cent to close at 38,928.02 points.

Also, the market capitalisation declined by N37 billion to close at N14.102 trillion.

The decline was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Seplat, Nigerian Breweries, Presco, International Breweries and Zenith Bank.

Analysts noted that following the positive market breadth, gains are likely to resurface in the equities market next week as macro-economic fundamentals and relatively low prices remain supportive.

However, market breadth closed positive, with 28 gainers versus 17 losers. Okomu Oil recorded the highest price gain of 10.24 per cent, to close at N90.40 per share.

Ikeja Hotel gained 9.20 per cent to close at N2.85, while Japaul Oil and Maritime Services appreciated by 5.56 per cent to close at 38 kobo per share.

Eterna appreciated by five per cent to close at N6.30, while Custodian and Allied Insurance gained 4.98 per cent to close at N5.27 per share.

On the other hand, Neimeth Pharmaceuticals and Union Diagnostics & Clinical Services led the losers’ chart by 4.76 per cent each, to close at 60 kobo and 40 kobo per share, respectively.

Law Union and Rock Insurance shed 4.65 per cent to close at 82 kobo, Nigerian Breweries declined 4.35 per cent to close at N110, while Africa Prudential depreciated by 4.24 per cent to close at N4.07 per share.

The total volume traded depreciated by 26.26 per cent to 336.62 million shares, worth N5.25 billion, and traded in 3,667 deals.