Lagos – As predicted by analysts, profit taking ruled the day in trading on the floor of The Nigerian Stock Exchange (NSE) yesterday, with the twin indicators- the All-share Index and market capitalisation depreciating by 1.05 per cent each.
Last week’s performance at the bourse saw the benchmark index climbing 3.1 percent week-on-week close at 33, 3117.48 points, bumping year-to-date gain to 23.2 percent. But market analysts see the gains being impacted by profit taking this week.
“Whilst we reckon that the performance of the equities market will remain largely driven by the positive macroeconomic developments in the past three months, we do not eliminate the possibility of some profit taking in the early trading sessions this week,” analysts at Afrinvest said.
The All-Share index shed 347.68 basis points to close at 32,769.80 points from 33,117.48 points it closed on Friday, while Market Capitalisation went down by N120.1 million to close at N11.332 trillion from N11.452 trillion it closed on the previous day.
Total Nigeria led decliners’ table when its shares went down by N14.00 to close at N266.00 per share, followed by Mobil which slipped by N12.49 to close at N237.53 per share, 7Up Bottling Company dropped 824 kobo to close at N78.21per share, Presco lost 357 kobo to close at N67.93 per share, while Guinness Breweries depreciated by 357 kobo to close at N67.93per share, among others.
On the other hand, PZ Cussons led the gainers’ table when it added by 143 kobo to close at N24.35 per share, followed by Cap which added 100 kobo to close at N33.00 per share, Honey Flour raked in 17 kobo to close at N1.93 per share, Cutix grabbed 10 kobo to close at N2.1 per share, while Air service recorded 06 kobo to close at N4.56 per share, among others.
Source : Independent