Stock market bearish under Profit Taking

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Stock market bearish under Profit Taking

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

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

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 a day before.

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

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 The 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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