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Expert attributes downward capital market trend to profit-taking


LAGOS – Mr Gbenga Obisesan, the Managing Director, Topmost Securities Ltd. Lagos, on Wednesday attributed the downward capital market trend to profit-taking.
Obisesan told the News Agency of Nigeria (NAN) in Lagos that it was a common syndrome that the capital market usually goes down whenever the year was coming to an end.

According to him for about two weeks the capital market has been on the downward trend.

Meanwhile, the All-Share Index of the capital market declined by 756.8 points or 2.17 per cent to close at 34,145.79 as against 34,902.59 posted on Tuesday.

Similarly, the market capitalisation, which opened at N11.564 trillion, lost N251 billion or 2.17 per cent to close at N11.313 trillion due to price losses by some blue chip equities.

Dangote Cement led the losers’ chart with a loss of N9.74 to close at N185.20 per share.

Julius Berger came second with N3.36 to close at N63.84, while UACN lost N2.30 to close at N44.70 per.

Total Oil dipped by N2 to close at N163, while Nigerian Breweries dropped N1.70 to close at N217 per share.

Conversely, Seplat topped the gainers’ chart by N10.7 to close at N442 per share.

Presco garnered 5k to close at N27.5, while Champion rose by 46k to close at N9.71 per share.

Flour Mill improved by 35k to close at N48.65, ETI appreciated by 19k to close at N17.2 per share.

NAN reports that FBN Holdings emerged the most traded stock, accounting for 43.93 million shares worth N406.77 million.

Cornerst followed with a turnover of 35.01 million shares valued N17.51 million, while FCMB sold 33.52 million shares worth N108.23 million.

In all, a total of 268.225 million shares worth N3.35 billion were traded by investors in 4,218 deals.

The volume represented over the 179.882 million shares valued at N2.22 billion traded in 3,962 deals on Tuesday. (NAN)

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