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Profit Takers Push Stock Market Down by N124

By Dipo Olowookere

The local equity market tripped on Tuesday by 0.96 percent, thanks to activities of profit takers on the floor of the Nigerian Stock Exchange (NSE).

The market was quiet as investors carefully watched wish stock to cash in on as a result of price appreciation at the equity market in the last few days.

This led to the stock market posting a loss of N124 billion at the close business today, with the major market indices pointing south.

The All-Share Index (ASI) depreciated by 358.87 points to settle at 36,953.41 points, while the market capitalisation declined by N124.2 billion.

Also, the market breadth closed negative today after it recorded a total of 12 price gainers and 32 price losers.

The declining stocks were led by Nestle, which went down by N40 or 3.10 percent to close at N1250 per share.

It was followed by Guinness Nigeria, which lost N2.1k or 1.97 percent of its share value to close at N100 per share, and Unilever, which slumped by N2 or 5 percent to finish at N38 per share.

Lafarge decreased by N1.45k or 2.82 percent to end at N50 per share, while Dangote Cement also went down by N1.45k or 0.61 percent to close at N236.55k per share.

On the flip side, Flour Mills of Nigeria led the price gainers with 89k or 2.62 percent rise to settle at N34.89k per share.

Nigerian Breweries went up by 77k or 0.55 percent to finish at N139.75k per share, while Forte Oil increased by 65k or 1.36 percent to end at N48.62k per share.

Okomu Oil advanced today by 21k or 0.31 percent to close at N68.20k per share, and NAHCO grew by 17k or 4.79 percent to finish at N3.72k per share.

Business Post reports that the volume of stocks transacted by investors on Tuesday depreciated with a total of 238.4 million shares worth N3.4 billion exchanged in 4,238 deals in contrast to 336.3 million equities valued at N30 billion transacted yesterday in 3,778 deals.

Financial stocks remained investors delight with First Bank emerging the most active stock after selling 75.8 million shares worth N541.3 million.

It was followed by Diamond Bank, which traded 33.8 million units for N37.6 million, and Stanbic IBTC, which exchanged 14.4 million shares at N614 million.

Transcorp traded 11.4 million shares worth N15.5 million, while Zenith Bank transacted 10.6 million shares valued at N257.5 million.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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