Capital market indices drop 0.40% amidst profit taking

By SundiataPOST, Abuja

Activities on the Nigerian Stock Exchange (NSE) on Friday ended on a downward trend, as the market indicators declined by 0.40 per cent, due to profit taking.

The market capitalisation lost N48 billion or 0.40 per cent to close at N11.969 trillion, compared with the N12.017 trillion recorded on Thursday.

Similarly, the NSE All-Share index, which opened at 37,611.65, dropped by 149.71 basis points or 0.40 per cent to close at 37,461.94, as a result of price depreciation.

Mobil Oil led the losers’ table, losing N3.95 to close at N116.05 per share. Nigerian Breweries came second on the losers’ chart with N3.50 to close at N170, while Guinness dipped N3 to close at N283 per share.

Forte Oil lost N1.57 to close at N72.98, while Ashaka Cement depreciated by 0.87k, to close at N21.17 per share.

Market watchers attributed the downward trend to profit taking embarked upon by investors, to take advantage of the gains recorded by the market in the last three days.

Conversely, CAP led the gainers’ chart, gaining N2.12 to close at N48.99 per share.

It was followed by Okomu Oil with a gain of N1.99 to close at N45.99, while Nestle increased by 94k to close at N1,051 per share. Flour Mills gained 75k to close at N84.75, while UAC-Property rose by 71k, to close at N18.96 per share.

The volume of shares traded dropped by 30.45 per cent, with an exchange of 228.99 million shares worth N2.76 billion, achieved in 4,630 deals.

This was against the 329.24 million shares valued at N2.93 billion, exchanged in 5,044 deals on Thursday.

An analysis of the activity chart showed that UBA emerged the most traded stock, with a total of 40.01 million shares, worth N311.83 million.

It was trailed by Transcorp, which accounted for 31.59 million shares valued at N57.93 million, while GT Bank transacted 22.49 million shares worth N568.28 million.