Equities market sheds N44.3bn to profit-taking

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5 years ago

The Nigerian equities market follows the previous day trend as the All Share Index (ASI) of the Nigerian Stock Exchange (NSE) fell by 0.33 per cent on Tuesday, amid sustained profit-taking activity.

Specifically, the ASI shed 84.91 points to close at 25,497.32 basis points, while investors lost N44.29 billion as the market capitalisation closed at N13.30 trillion. Hence, the year to date loss of the NSE ASI worsened to 5.0 per cent.

At the close of tradings on Tuesday, the local bourse recorded 19 losers as against 10 gainers.

Specifically, share prices of Tier 1 banks such as Zenith Bank, Guaranty Trust Bank and Access Bank moderated by 2.31 per cent, 6.18 per cent and 1.47 per cent respectively as investors continue to book profit given the recent increase in their share prices. Hence the NSE Banking Index depreciated by 3.42 per cent.

On the other hand, the NSE Insurance, NSE Consumer Goods and NSE industrial indices rose by 0.26 per cent, 0.43 per cent and 0.01 per cent respectively while the NSE Oil/Gas index closed flat.

Activity on the Exchange on Tuesday went slightly downtick as the total volume of stocks traded fell by 1.18 per cent to 0.25 billion units while the value of stocks traded rose by 2.19 per cent to N2.0 billion.

Custodian stocks were the toast of the market as the most traded stock by volume at 40.13 million units, while Zenith bank was the most traded stock by value at N444.80 million.

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