Profit-taking takes toll on NSE as index loses N29 billion

Following renewed profit-taking embarked by investors, the Nigerian Stock Exchange (NSE) halted gaining streak to close on a downward note yesterday, causing market capitalisation to depreciate by N29billion.
Specifically, at the close of transactions yesterday, the All-Share Index (ASI) decreased by 55.22 absolute points, or 0.22 per cent to close at 25,166.01 points.
Similarly, the overall market capitalisation shed N29billion to close at N13.115trillion.
The downturn was impacted by losses recorded in medium and large value stocks, amongst which were; Flour Mills of Nigeria, Ecobank Transnational Incorporated (ETI), Zenith Bank, United Bank for Africa (UBA), and Guaranty Trust Bank.

Analysts attributed the decline to profit-taking caused by sustained rally witnessed in the market over the last couple of weeks, as investors leveraged the capital appreciation recorded to recoup their investment.
The market breadth closed slightly negative, with 19 gainers against 18 losers. Cutix recorded the highest price gain of 9.94 per cent to close at N1.88 per share.
May and Baker Nigeria followed with 9.71 per cent to close at N3.39, while Champion Breweries gained 9.64 per cent to close at 91 kobo, per share.
University Press rose 9.62 per cent to close at N1.14, and Neimeth International Pharmaceuticals edged 9.57 per cent to close at N1.03, per share.
On the other hand, ETI led the losers’ chart by 9.92 per cent to close at N5.45 per share. Ikeja Hotel followed 8.73 per cent to close at N1.15, and UBA shed 6.25 per cent to close at N6.75, per share.
Oando lost 5.71 per cent to close at N2.64, while Fidelity Bank shed 5.50 per cent to close at N1.89, per share.
Also, the total volume of trades fell 40.1 per cent to 348.211 million units, valued at N3.433billion exchanged in 7,148 deals.
Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 47.387 million shares at N261.941million. Access Bank followed with 36.869 million shares worth N270.714million.
Zenith Bank traded 27.416 million shares valued at N478.132million.

UBA traded 25.015 million shares at N174.401million, while Guaranty Trust Bank transacted 23.490 million shares worth N576.215million.

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