Profit Taking: NSE market capitalisation drops to N9 trillion

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Lagos  –  The market capitalisation of the Nigerian Stock Exchange (NSE) on Tuesday reduced to N9 trillion region having lost N29 billion due to persistent profit taking.

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The News Agency of Nigeria (NAN) reports that the market capitalisation which opened at N10.013 trillion lost N29 billion or 0.29 per cent to close at N9.984 trillion.

In the same vein, the All-Share Index lost 83.98 points or 0.29 per cent to close at 29,052.87 against 29.136.85 achieved on Monday.

Alhaji Rasheed Yusuuf, Managing Director, Trust Yield Investment Ltd., attributed the development to slowdown in economic activities in the country due to non-release of economic blueprint by the Federal Government.

Yusuuf said that unimpressive third results announced by mainly oil and gas companies contributed to the market depression.

“Negative news in terms of corporate earnings from oil and gas sector contributed to the profit taking in the market,’’ Yusuuf said.

A breakdown of the price movement chart showed that Total recorded the highest price loss to lead the losers’ chart, depreciating by N7.01 to close at N143 per share.

It was followed by Unilever having lost N1.83 to close at N34.92, while Glaxcosmithkline dropped N1.14 to close at N37.06 per share.
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Cadbury decreased by N1 to close ay N19.15, while Ashaka Cement shed 89k to close at N22.11 per share.

On the other hand, Guinness topped the gainers’ table, appreciating by N6.18 to close at N129.93 per share.

Okomu Oil came second with a gain of N1.18 to close at N30.20, while Dangote Cement garnered N1 to close at N163 per share.

Oando gained 52k to close at N6.51 and National Salt grew by 21k to close at N7.21 per share.

The volume of shares traded closed lower with a total of 166.76 million shares worth N1.12 billion transacted in 3,287 deals.

This was against the 308.12 million shares valued N2.97 billion traded in 2,886 deals on Monday.

FBN Holdings drove the activity chart having accounted for 36.03 million shares worth N180.17 million.

Law Union sold 25.2 million shares valued N12.6 million, while UBA traded 18.22 million shares worth N63.32 million.

Access Bank exchanged 14.11 million shares valued N65.04 million and investors’ staked N64.94 million on 10.02 million shares of Oando. (NAN)

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