Stock market down by N138bn on profit-taking

Nigerian stock market down by N138bn on profit-taking
Emeh Joy

The Nigerian equity market on Monday extended its decline to the second consecutive trading session even as investors are still taking profits to increase capital gains.

The key market performance indicator which is the Nigerian Stock Exchange All-Share Index went down by 0.75 per cent even as bargain hunters continued to take profits from gains recorded last week

The ASI dipped 263.38 basis point or 0.75 per cent to close at 34,774.08 index points as against 35,037.46 recorded in the previous trading session.

The market capitalisation of equities depreciated by N138bn from N18.31tn last Friday to N18.17tn as market sentiment remained in the negative territory.

Meanwhile, a turnover of 668.53 million shares exchanged in 10,319 deals was recorded in the day's trading, Punch News reported.

The premium sub-sector was the most active (measured by turnover volume), with 285.42 million shares exchanged by investors in 3,864 deals.

The volume in that sub-sector was largely as a result of activities coming from the shares of Zenith Bank Plc and FBNH Bank Plc.

Also, the banking sub-sector was boosted by the activities in the shares of Guaranty Trust Bank Plc and Fidelity Bank Plc, with a turnover of 113.09 million shares in 1,671 deals.

The analysis also showed that the Nigerian Aviation Handling Company Plc and Oando Plc led the losers with a drop of 10 per cent each to close at N2.34 and N3.60 per share respectively.

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