NSE indices down by N162billion, amid profit taking

Profit taking takes a toll on the equity sector the Nigerian Stock Exchange (NSE), as trading re-opened on a downward note yesterday, causing market capitalisation to depreciate by N162billion. Specifically, at the close of transactions yesterday, the market capitalisation, which opened at N13.678trillion shed N162billion or 1.18 per cent to close at N13.516trillion.

Similarly, the All-Share Index dipped 455.41 points or 1.18 per cent to close at 37,980.67 compared with 38,436.08 achieved on Friday. On the price movement chart, Dangote Cement emerged the day’s highest price loser, shedding 9.99 kobo to close at N230.01 per share. International Breweries followed with 2.74 kobo to close at N52.10. Eterna Oil depreciated by 10.00 kobo to close at N4.10 per share.

Stanbic IBTC dropped 8.00 kobo to close at N40.92, while Caverton depreciated by 6.00 kobo to close at N1.31 per share. On the other hand, Presco recorded the highest gain to lead the gainers’ chart with N5.83 to close at N72 per share. Dangote Sugar followed with a gain of 1.08 kobo to close at N22.78 per share. Lafarge Africa grew by 49 kobo to close at 43.50 per share.

Union Bank of Nigeria improved by 37 kobo to close at N7.92 per share. UAC Property rose by 15 kobo to close at N2.80 per share. Also, the volume and value of shares recorded dipped by 78.96 per cent and 80.04 per cent respectively. Investors exchanged 89.48 million shares worth N1.83billion in 1,499 deals against 425.26 million shares valued at N9.17billion traded in 4,104 deals on Friday.

GT Bank topped the activity chart with 32.16 million shares worth N1.29billion. UBA accounted of 15.71 million shares valued at N158.79million, while TransNational Corporation traded 5.88 million shares worth N8.32million. FBN Holdings sold 3.54 million shares worth N31.07million, and Access Bank exchanged 3.26 million shares valued at N34.24million.

Meanwhile, the value of transactions at the stock market surged 1,295 per cent on Monday following a huge investment made in Dangote Cement Plc. Investors committed N127.933billion on 752.113 million shares in 3,576 deals, up from N9.173 billion invested in 425.245 million shares in 4,104 deals last Friday. Dangote Cement Plc accounted for 96 per cent of the transaction value as investors invested N124 billion on about 551 million shares of the cement firm.

It was gathered that Meristem Securities Limited, which had last August facilitated N87.4 billion investment in Dangote Cement was again responsible for the N124 billion investment recorded on Monday. Although the stockbroking firm refused to comment on the transaction, market operators said an existing foreign shareholder in Dangote Cement might have increased its holding through the new investment.

Guardian