Stock market remains bearish as investors engage in profit-taking, cut losses

Investors’ appetite in the Nigerian Stock Exchange (NSE) remained low for the third consecutive days as deals in the capital market dropped to 4,753 at the close of the market on Thursday.

This was lower than the 5,887 deals reported in Wednesday’s trading.

The stock market remained in the profit-taking zone as investors continued to dump shares to protect their profit and cut losses.

The development sent the All- Share Index down to 41.785.80 in prices and caused it to lose 214.21 basis points when compared to 42,000.01 recorded just 24 hours earlier.

Volume of shares traded in the stock market increased to 629.41 million on Thursday from 504.83 million shares traded on Wednesday.

READ ALSO: Stock market opens week on positive note

But that didn’t stop the market’s capitalization from dropping to N21.85 trillion, lower than the N21.97 trillion recorded at the market the previous day.

According to data obtained from NSE, Ardova led the gainers’ chart for the second consecutive day after gaining N1 to climb to N19 from N18 at the end of Thursday’s trading.

Presco followed with N75 following, gaining N0.5kobo after opening trade at N74.5kobo.

May & Baker was third on the gainers’ list with a gain of N0.35kobo to end trading at N4.96kobo from N4.55kobo.

First City Monument Bank (FCMB) came next after closing the market with N3.5kobo, rising by N0.18kobo from the opening price of N3.32kobo per share.

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