Stock market down by N139bn on profit taking

The Nigerian Stock Exchange (NSE) yesterday opened this week on the negative note following resumed profit taking after it  recorded losses last Friday.

Consequently, the overall performance measures, NSE ASI and market capitalisation, fell by 0.90 per cent, a level it last touched about a month ago. This was due to profit taking by market speculators in the wake of cautious optimism that had pervaded the market following upset in the financial sector.

Consequently, the All-Share Index shed 390.03 basis points or 0.90 per cent to close at 42,737.89 index points as against 43,127.92 recorded last Friday, while market capitalisation of equities depreciated by N139 billion or 0.90 per cent to close lower at N15.337 trillion from N15.476 trillion.

Meanwhile, a turnover of 517.4 million shares in 5,852 deals was recorded in the day’s trading. The banking sub sector of the financial services segment was the most active (measured by turnover volume) with 4224.7million shares exchanged by investors in 1,781 deals.

Volume in the sub-sector was largely driven by activities in the shares of Skye Bank Plc and Jaiz Bank Plc. Also, premium sub sector, boosted by the activities in the shares of Zenith Bank and FBNH Plc followed with a turnover of 91.1 million shares in 1,268 deals.

The number of gainers at the close of trading session was 36, while decliners closed at 13. Further analysis of the day’s trading showed that PZ Cussons Nigeria Plc topped the gainers’ table with 5.83 per cent to close at N25.40 per share, while Beta Glass Nigeria Plc followed with 4.97 per cent to close at N68.70 per share. GSK Plc chalked up 4.95 per cent to close at N21.20 per share.

On the flip side, Eterna Oil Plc led the losers’ chart with a drop of 9.67 per cent to close at N5.42 per share. Equity Assurance Plc followed with a loss of 8.33 per cent to close at 44 kobo per share, while AIICO Insurance Plc dropped by 8.22 per cent to close at 67 kobo per share.