Equities market drops by 0.64% as investors profit-taking persist


Equities market drops by 0.64% as investors profit-taking persist

The equities market of the Nigerian Stock Exchange extends its bearish run as All Share Index closed lower at 27,864.49basis points, 0.64 per cent decline from 28,042.80 basis points the market opened for trading on Thursday.

This brings the NSE ASI to 11.35 per cent in Year-till-Date and 4.44 per cent decline in Month-till-Date performance.

Consequently, the market capitalization lost N88billion to close at N13.579trillion from N13.667 trillion it opened for trading.

All sectoral indices lost weight at the close of today’s trading session save for NSE Lotus Index and NSE Industrial index.

The bear took hold of the market on Thursday recording a spread of seven with 12gainers as opposed 19 losers.

Leading the losers’ chart was Julius Berger Paints plc that dropped by 10 per cent to N6.30 from N7.00, followed by International Breweries plc that depreciated by 10 per cent to N15.30 from N17.00 the market opened for trading on Thursday.

Other losers include Seplat Petroleum Incorporated Limited plc that dipped by 9.43 per cent to N480 from N530.00.

On the gainers’ side, Conoil plc appreciated by 9.76 per cent to N20.25 from N18.45. Dangote sugar plc also rose by 9.22 per cent to N11.25 from N10.30 while Sovereign Insurance plc added five per cent to close on Thursday at N0.21 from N0.20 on Thursday.

Volume of trades declined by 28.05 per cent to stand at 175 million shares as opposed 244million shares traded the previous trading session. Value followed suit to retreat by 30.18per cent at 2.71billion naira as opposed N3.89 billion recorded in the previous trading session.

Transactions in the shares of FBN Holdings, Zenith Bank, Sterling Bank, UBA and Access topped the activity chart as the most traded equities as measured by volume.