Sustained profit taking drags stock market index further by 0.58%


Following sustained profit-taking in bellwether stocks, the Nigeria Stock Exchange (NSE), continued on a bearish note yesterday, as the All-Share Index (ASI) slipped further by 0.58 per cent.
   
At the close of trading Tuesday, the ASI fell by 143.91 absolute points, representing a contraction of 0.58 per cent to close at 24,833.70 points. Similarly, the overall market capitalisation shed N75 billion to close at N12.981 trillion.
   
The downturn was impacted by losses recorded in large and medium capitalised stocks, amongst which were; Dangote Cement, Guinness Nigeria, AXA Mansard Insurance, Ikeja Hotel, and United Capital.

Analysts at Afrinvest Limited, said: “We expect mixed performance in subsequent trading sessions, as low stock prices present bargain hunting opportunities.”
   
However, the market breadth closed at par, recording 17 gainers against 17 losers. Cadbury Nigeria recorded the highest price gain of 6.82 per cent to close at N7.05 per share. Nigerian Breweries followed with 6.25 per cent gain to close at N34.00, and Mutual Benefits Assurance rose five per cent to close at 21 kobo, per share.
   
Ardova Plc advanced by 4.94 per cent to close at N12.75, while Lasaco Assurance appreciated by 4.17 per cent to close at 25 kobo, per share.
 
On the other hand, Prestige Assurance led the losers’ chart by 10 per cent to close at 45 kobo per share. Ikeja Hotel followed with 9.82 per cent to close at N1.01, and while Consolidated Hallmark Insurance slipped 9.76 per cent to close at 37 kobo, per share.
   


AXA Mansard Insurance lost 8.23 per cent to close at N1.45, while Courteville Business Solutions shed 4.76 per cent to close at 20 kobo, per share.
   
The total volume traded rose by 17.84 per cent to 206.61 million shares worth N2.475 billion, traded in 3,925 deals. Transactions in the shares of Access Bank topped the activity chart with 29.21 million shares valued at N191.604 million.
   
Fidelity Bank followed with 27.777 million shares worth N50.055 million, while Guaranty Trust Bank traded 25.281 million shares valued at N625.551 million.
   
Zenith Bank traded 15.308 million shares at N257.786 million, and Wema Bank transacted 11.116 million shares worth N5.951 million.
 

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