NSE LIVE! Equities break rally as profit-taking kicks in

Nigerian equities reopened this week with a tinge of profit-taking as investors sought to monetize the capital gains from the sustained rally in recent trading sessions. Most stocks with price changes ended on the negative while turnover increased due to the combination of the sell down pressure and bargain-hunting.

The benchmark index at the Nigerian Stock Exchange (NSE), the All Share Index (ASI)-a value-based index that tracks prices of all quoted equities, declined from its week’s opening index of 25,988.40 points to close the first trading session at 25,853.58 points.

With 23 losers to 16 gainers, aggregate market value of all quoted equities dropped by N47 billion from its opening value of N8.940 trillion to close at N8.893 trillion.

The decline was generally due to profit-taking transactions and portfolio adjustments, especially within the highly capitalised stocks category. Seven-Up Bottling Company topped the losers’ list with a loss of N8.07 to close at N153.43. Nigerian Breweries followed with a loss of N3 to close at N97. Dangote Cement declined by N2 to close at N162. Lafarge Africa lost N1.45 to close at N84.05 while Flour Mills of Nigeria dropped by 64 kobo to close at N19.52.

Read also: NSE Roundup! Equities sustain rally amidst global stock decline

Total turnover stood at 174.50 million shares valued at N1.41 billion in 3,639 deals. Guaranty Trust Bank was the most active with a turnover of 21.59 million shares valued at N363.6 million. Zenith Bank followed with a turnover of 20.57 million shares worth N264.29 million while Diamond Bank recorded a turnover of 14.20 million shares valued at N20.29 million.

On the upside, Conoil led the contrarian stocks with a gain of N1.68 to close at N18.24. Seplat Petroleum Development Company followed with a gain of N1 to close at N351. UAC of Nigeria added 99 kobo to close at N20.95. Zenith Bank rose by 55 kobo to close at N12.90 while NASCON Allied Industries gathered 37 kobo to close at N7.87 per share.

 

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