Stock Market dips by  N17bn amid Profit Taking

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Stock Market dips by  N17bn amid Profit Taking

Equities market closed Monday trading activities on a negative note with the benchmark indices of the All-Share Index depreciating by 0.08 percent to close at 40,154.09 basis points as against 0.06 percent depreciation recorded at the close of trading on Friday.

The Year-to-Date (YTD) returns currently stands at -0.29 percent. Investors lost N17 billion at the close of today’s trading session to bring the market capitalization to down to N21.097 trillion.

Market breadth also closed in favour of the bears with 19 counters in the gainers chart as opposed 26 counters in the losers’ chart. Chi Plc, Academy Press, Cornerstone Insurance, UPL and Veritas Kapital led the gainers chart in the day’s session.

An investment analyst at Apt Securities and Funds Limited said from the rear of the chart, Africa Prudential led the losers chart as it’s trading activity was shaped by its 50kobo dividend declaration, a 30 percent decline from the dividend declared in the previous year.

According to the analyst, Africa Prudential was closely followed in the losers chart by LASACO Insurance, as it trades for the first time today (Monday) after completing its 1 for 4 share reconstruction.

The losers chart was completed by Niger Insurance, WAPCO and Red Star Express.

All Sectorial indices closed in tandem with the ASI, save for the Banking and Oil & Gas sectors that gained 0.19 percent and 0.08 percent as ASEM closed flat.

At the close of trading for Monday session, FBN Holdings, United Capital, and Guaranty Trust Bank were the most active to boost market turnover. While Zenith Bank and Guaranty Trust Bank topped market value list.

NEM leads the list of active stocks that recorded impressive volume spike at the end of today’s session.

In all, stock market turnover closed negative as volume moved down by 5.99 percent as against 27.80 percent downtick recorded in the previous session.


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