Stories by Kayode Tokede
The profit-taking in the equities market of The Nigerian Stock Exchange (NSE) has led to market capitalisation dropping by 0.55 per cent in three days of trading this week.
Between Monday and Wednesday, profit-taking in high-mid capitalised shares continued to drag the equities market downward, attributable to domestic and foreign macro economy related issues.
The NSE All-Share Index on Monday dropped by 0.09per cent to 36,299.82 basis points, as selloffs ensued across all major sectors.
The following day, Tuesday, the NSE ASI declining marginally by 0.06 per cent to 36,479.42 basis points while on Wednesday, NSE ASI sheds 0.40per cent to 36,333.80 basis points, amidst sell pressure in value shares.
As a result, the NSE ASI’s Month-to-Date and Year-to-Date losses increased further to -1.85per cent and -4.99per cent, respectively.
In terms of value, the investors have lost N72.9billion investment as market capitalization closed on Wednesday at N13.25 trillion as against N13.32 trillion the market opened for trading on Monday.
Our correspondent gathered that all market indices closed in negative as investors continued to take profit.
The Oil & Gas index was top loser, dropping 0.96 per cent to close at 301.16 basis points on Wednesday from 304.07 basis points it opened for t5rading, following profit taking in Seplat Petroleum shares that dropped by 8.45 per cent while shares of Oando Plc depreciated by 4.39 per cent to N5.45 per share.
Selloffs in the shares of Guaranty Trust Bank Plc, of about 0.38 per cent or N0.15 to N39.00 led to 1.08 per cent in the Banking Index by 1.08 per cent to 459.49 basis points
Wapco falls by 1.97per cent, and Mutual benefits Plc dropped by 8.82per cent that led to losses in Industrial Goods Index of about 0.93 per cent, and Insurance Index, -0.78p per cent.
Meanwhile, the Consumer Goods Index that gained 0.63per cent turned positive, owing to interest in Nigerian Breweries that gained 2.08 per cent.
Market breadth turned positive, with 22 gainers and 21 losers, led by Air Service (+10.00per cent) and CAP (-10.00per cent) shares, respectively.
Total volume of trades rose by 36.07per cent to 248.05 million units, valued at N2.25 billion, and exchanged in 3,932 deals.