Stock Market Records N63bn Loss On Profit-taking

The nation’s stock market pared some of its recent gains on Wednesday amid profit-taking activities by investors.

The Nigerian Stock Exchange All-Share Index dropped by 120.11 basis points or 0.47 per cent to close at 25,215.04 from 25,335.15 on Tuesday.

The market capitalisation of equities fell by N63bn or to close at N13.15tn from N13.22tn as market sentiment returned to negative territory.

A turnover of 266.65 million shares were traded by investors in 3,978 deals on Wednesday.

The banking subsector was the most active during the day (measured by turnover volume), with 74.38 million shares traded in 517 deals. It was largely driven by activities in the shares of Guaranty Trust Bank Plc and Jaiz Bank Plc.

The premium subsector of the financial services sector was boosted by activities in the shares of FBN Holdings Plc and Zenith Bank Plc, with a turnover of 68.96 million shares in 1,328 deals.

The number of gainers and losers at the close of trading session on Wednesday was 19 each.

Berger Paints Plc and Prestige Assurance Plc led the gainers’ table with a gain of 10 per cent each to close at N7.70 and 77 kobo per share.