Stock Market Down By N91bn On Profit-taking

The Nigerian equity market, on Thursday, returned to negative territory as investors continued to take profits to increase capital gains.

The Nigerian Stock Exchange All-Share Index declined by 0.50 per cent as bargain hunters took profits from gains recorded last week.

The market breadth closed negative with 28 losers against 19 gainers.

The ASI dipped 174.36 basis points or 0.50 per cent to close at 34,643.65 index points as against 34.818.01 recorded the previous trading session while market capitalisation of equities depreciated by N91bn from N18.19tn the previous day to N18.10tn.

Meanwhile, a turnover of 364.92 million shares exchanged in 6,340 deals was recorded in the day’s trading.

The premium subsector was the most active (measured by turnover volume), with 118.93 million shares exchanged by investors in 2,155 deals.

Volume in the subsector was largely driven by trading activities on the shares of FBN Holdings Plc and Access Bank Plc.

The banking subsector was boosted by trading activities on the shares of Sterling Bank Plc and Fidelity Bank Plc, with a turnover of 63.67 million shares in 1,063 deals.

Further analysis of the day’s trading showed that in percentage terms BOC Gases Plc topped the gainers’ table with 9.90 per cent to close at N6.77 per share while Eterna Plc followed with 9.89 per cent to close at N4.78 per share.

Red Star Express Plc added 9.79 per cent to close at 5N3.59 per share.

On the flip side, Presco Plc led the losers’ with a drop of 9.97 per cent to close at N71.80 per share while FCMB Plc shed 9.85 per cent to close at N3.02 per share.

Linkage Assurance Plc declined by 9.09 per cent to close at 50 kobo per cent.