Profit taking by investors on the Nigerian Stock Exchange (NSE) yesterday reversed a three-day upward trend it recorded from last Thursday, with market capitalisation plummeting significantly by N104 billion.
Specifically, at the close of trading yesterday, market capitalisation of listed equities dropped by N104 billion or 0.82 per cent to N12.622 trillion from N12.726 trillion recorded the previous day.
Similarly, the All Share -index declined by 301.66 basis points to 36669.61 points from 36971.27 recorded on Monday. The decline in indices was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle, Mobil, Dangote Cement, Okomu Oil and Nigerian Breweries.
Despite the downturn, analysts at Cordros Capital expressed optimism that improved corporate performance would continue to enhance price movement even in the third quarter.“We believe the market remains fundamentally strong amid broadly bullish outlook for the economy and third quarter, 2017 corporate earnings.”
Investors traded 211.873 million share valued at N4.742 billion in 3890 deals against 214.959 million shares worth N2.731 billion exchanged hands the previous day in 4262 deals.
On the price movement chart, International Breweries led the gainers’ chart with N2.42 kobo to close at N44.31 per share, Guinness Nigeria Plc followed with a gain of N0.75 kobo to close at N100.75 per share.
UAC of Nigeria increased by N0.45 kobo to close at N16.95 per share. Dangote Sugar Refinery Nigeria Plc appreciated by N0.26 kobo to close at N14.16 per share while Stanbic IBTC grew by N0.20 kobo to close at N43.20 per share.
On the contrary, Nestle Nigeria Plc recorded the highest loss for the day, shedding N40.50 kobo to close at N1200, Mobil Oil Plc trailed with a loss of N8.15 kobo to close at N157.85 kobo.
Dangote Cement declined by N3.98 kobo to close at N220.00, Okomu Oil Palm depreciated by N1.37 kobo to close at N65.00 while Nigerian Breweries dropped N0.98 kobo to close at N162.02 kobo.
The result further showed that Fidelity Bank was the toast of investors, exchanging 24.821 million shares worth N36.909 million, Zenith International Bank followed with account of 21.985 million shares valued at N580.882 million.
Guaranty Trust Bank traded 20.069 million shares cost N841.921 million, Access Bank exchanged 19.949 million shares valued At N193.727 million while United Bank for Africa sold 24.645 million shares cost N134.911 million