Profit-taking on high cap stocks dips market by 0.38 per cent

Following profit taking on high capitalised stocks, on Thursday, the Nigerian stock market dipped by about N50 billion. Investors took profit on value stocks like MTN Nigeria Plc, Guaranty Trust Bank Plc and Access Bank Plc.

At the close of trading session, the Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased by 0.38 per cent to 25,312.05 points while the value of listed stocks decreased to N13.204 trillion from preceding day high of 25,407.96 points and N13.254 trillion respectively.

MTN Nigeria Plc led other stocks in the losers chart after its share price depreciated from N118 to N116, losing two naira or 1.69 per cent, followed by that of Guaraty Trust Bank Plc which decreased from N25 to N24.50 Kobo, shedding 50 kobo or two per cent.

The negative sentiment was despite gains in stocks like Dangote Cement Plc and Dangote Sugar Refinery Plc.

Dangote Cement Plc increased from N140.5 to N141.9, adding N1.4 or 1per cent while Dangote Sugar Refinery Plc rose from N14.05 to N15, up by 95 kobo or 6.76 per cent. Year-to-date negative return increased to -5.70 per cent.
By the end of the day, 270,193,043 units valued at N5.29 billion were exchanged in 4,550 deals. FBN Holdings Plc, Zenith Bank Plc, FCMB Group Plc, GTBank Plc and Dangote Cement Plc were actively traded stocks on the Nigerian Bourse.

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