Nigeria’s equity market down by 0.11%

The Nigerian Stock Exchange (NSE) has recorded the first loss in the month of August with the market indices dropping by 0.11 per cent due to profit taking.

The  market capitalization shed N14 billion or 0.11 per cent to close at N13.133 trillion compared to N13.147 trillion achieved on Wednesday.

Also, the All-Share Index lost 41.17 points or 0.11 per cent to close at 38,102.85 as against 38,144.02 recorded earlier due to sell pressure.

Market analysts had predicted that the market would likely experience mixed performance due to realignment of price occasioned by profit taking.

Alhaji Rasheed Yusuuf, the Managing Director, Trust Yield Securities Ltd.,said that profit taking was part normal market transactions.

Yussuf said that profit taking would occur once in a while, noting that the market upbeat would be sustained due to strong fundamentals and favourable economic climate.

 Total topped the losers’ chart, shedding N11 to close at N249 per share.

Forte Oil trailed with a loss of N5.78 to close at N53.76 and Dangote Sugar Refinery declined by 69k to close at N12.57 per share.

Zenith International Bank depreciated by 50k to close at N24 per share.

Conversely, Nestle maintained its leadership, topping the gainers’ table with a gain of N16.01 per share.

Guinness followed with a gain of N3.50 to close at N91 and Unilever increased by N2.05 to close at N43.05 per share.

Stanbic IBTC grew by N1.50 to close at N40 and Conoil added N1.44 to close at N34.30 per share.

In spite of the drop in market indicators, the volume of shares traded increased by 10.35 per cent with an exchange of 362.67 million shares worth N5.59 billion in 4,055 deals.

This was in contrast with a turnover of 328.65 million shares valued at N6.10 billion traded in 4,983 deals on Wednesday.

Access Bank was the most active stock during the day, exchanging 69.79 million shares worth N713.39 million.

Zenith Bank came second with 56.84 million shares valued at N1.44 billion, while FCMB Group traded 47.17 million shares worth N57.34 million.

Diamond Bank exchanged 33.23 million shares valued at N43.22 million and Guaranty Trust Bank sold 26.82 million shares worth N1.09 billion. 

Ime Njoku