Equities market sustains loss on profit-taking

The domestic equities market extended previous day’s loss in Tuesday’s session, as the local Bourse All Share Index (ASI) moderated by 1.59 per cent to close at 34,242.83 points.

Notably, sell-offs of bellwethers such as Nestle Nigeria, Dangote Cement, Access Bank and Zenith Bank moved the outcome of trade as they experienced a decline in share prices as investors continue to book profit.

Accordingly, Month-to-Date and Year-to-Date gains moderated to 12.2 per cent and 27.6 per cent, respectively.
Also, the Exchange recorded 30 losers as against 17 gainers at the close of the trading session.

Wapic Insurance and Oando topped the losers’ list having depreciated by ten per cent, while BOC Gas led recorded the largest gains of the day after it appreciated its share value by ten per cent, closely followed by GlaxoSmithKline whose shares added 9.6 per cent.

Of the five indices tracked, four closed in red except for the NSE Banking index which rose by 0.75 per cent.
The NSE Insurance, NSE Consumer Goods, NSE Oil/Gas and NSE Industrial indices fell by 2.17 per cent, 3.21 per cent, 0.87 per cent and 3.33 per cent respectively.

Meanwhile, market activity was upbeat as the total volume and value of stocks traded ballooned by 13.09 per cent and 53.15 per cent to 9.36 billion units and N12.02 billion.

UAC-Properties was the most traded stock by volume and value at 8.52 billion units and N5.96 billion, respectively.


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Equities market sustains loss on profit-taking

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