Profit taking takes toll on Exchange, indices down by N63b

STOCKAfter two days of price appreciation, occasioned by the passage of 2016 budget, profit taking by investors on the Nigerian Stock Exchange yesterday, pulled market capitalisation by N63 billion.

Specifically, at the close of transactions yesterday, the market capitalisation, which opened at N8.884 trillion, dipped N63 billion or 0.71 per cent to close at N8.821 trillion.

Also, the All-Share Index lost 181.74 points or 0.70 per cent to close at 25,646.56 compared with 25,828.30 on Monday.

On the price movement chart, Forte Oil topped the losers chart with a loss of N9.26 to close at N210 per share.

Dangote Cement trailed with a loss of N4.17 kobo to close at N163.83 and Lafarge Africa dropped N2 to close at N69.50 per share. University Press lost 28 kobo to close at N5.42 and Port Land Paint depreciated by 10 kobo to close at N1.97 per share.

Conversely, Unilever Nigeria led the gainers’ table, growing by N1.77 to close at N37.31 per share. Flour Mills came second with a gain of N1.59 to close at N24.99, while Nigerian Breweries gained 81 kobo to close at N117.51 per share.

Union Dicon appreciated by 58 kobo to close at N12.28 and PZ Industries grew by 43 kobo to close at N21.05 per share.

A breakdown of the activity chart indicated that FBN Holdings was the most active stock, exchanging 29.264 million shares worth N100.75 million.

Zenith Bank followed with a total of 27.66 million shares valued at N380.83 million, while Transnational sold 26.87 million shares worth N29.93 million.

Wema Bank accounted for 26.33 million shares valued at N19.69 million, while United Bank for Africa traded 22.36 million shares worth N76.12 million.

On the whole, investors staked N1.36 billion on 237.84 million shares transacted in 3,885 deals.

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