Bear Run Enters 4th Day Amid Profit-Taking In Blue-Chips

Read Time:1 Minute, 45 Second
Bear Run Enters 4th Day Amid Profit-Taking In Blue-Chips

The Nigerian Stock Exchange (NSE) extended loss for the fourth day yesterday as profit-taking in mid and large-cap stocks led the market towards negative territory.

Sell pressure on the shares of WAPCO, Guinness, Zenith, Dangote Sugar and MTNN accounted mostly for the downtrend.

A slide in the Banking Index, the worst performer of the 5 sectorial indices, by 4.14 percent to 370.50 index points also significantly increased margin of losses.

Negative market breadth was recorded as 40 losers emerged against 6 gainers. Falling by 1.27 percent, the All Share Index (ASI) closed at 34,577.26 points. Market capitalisation dropped to N18.072 trillion. Its Year- to- date Index is up by 28.82 percent.

Okomu Oil led the gainers chart, growing by 10 percent to close at N88. Mutual Benefits gained 9.09 percent to close at N0.24. FTN Cocoa rose by 8.11 percent to N0.40. Union Diagnostic leaped to N0.29, notching up 7.49 percent in the process. GSK completed the top 5, climbing up by 1.52 percent to N6.70.

Conversely, UPL topped the losers’ table, declining by 10 percent to close at N1.26. WAPCO shrank by 10 percent to end the day at N20.25. FBN Holdings tumbled to N6.30, losing 10 percent. Portland Paint dipped to N2.35, recording 9.96 percent loss. NNFM closed at N6.30, going down by 9.88 percent.

However, GTB was the most preferred stocks on The  NSE for the day’s trading with 87.017 million units of its stocks worth N2.826 billion traded in 384 deals. 65.042 million units of Zenith Bank shares priced at N1.456 billion exchanged hands in 874 transactions. Transcorp had 52.478 million shares valued at N46.082 million traded in 199 deals. Regal Insurance traded 46.606 million shares estimated at N9.790 million in 26 transactions. FBN Holdings traded 43.154 million shares valued at N280.179 million in 446 deals. In all, 553.950 shares worth N6.639 billion exchanged hands in 6,441 deals.

0 0

Leave a Reply

Your email address will not be published. Required fields are marked *