Equities Market Reverses Gains, Down 0.66% Amidst Profit Taking
By UMORU ABDULKADIR
Nigeria’s stock market declined by 0.66 per cent at the close of trading on Thursday, August 29 as investors continued their profit-taking actions following yesterday’s marginal gains.
The market routed further south despite analysts’ expectation of some position-taking decisions in favour of banking stocks ahead of their interim dividends qualification.
Dangote Cement Plc led other stocks in the underperformers’ chart with the stock price declining from N165.5 to N162.5, losing N3 or 1.81 per cent.
MTNN moved down from N140.95 to N138.85, losing N2.1 or 1.49 p per cent. Unilever decreased from N29 to N28, after shedding N1 or 3.45 per cent. Flour Mills dropped from N14.3 to N13.5, down by 80kobo or 5.59 per cent. UACN dipped from N5 to N4.55, losing 45kobo or 9 per cent.
On the gainers table, Nestle Nigeria Plc led the chart after its share price moved up from N1240 to N1245, adding N5 or 0.40 per cent.
Forte Oil Plc also rallied from N15.4 to N16.45, adding N1.05 or 6.82 per cent, followed by Total Nigeria Plc which increased from N96.5 to N97.1, adding 60kobo or 0.62 per cent. FBN Holdings Plc also advanced from N4.8 to N4.95, adding 15kobo or 3.13 per cent.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) closed lower at 27,425.57 points from 27, 607.02, points, shedding 181.45 basis points or 0.66 per cent.
The stock market is down by 1.35 per cent week-to-date (WtD), while month-to-date (MtD) it has lost 1.06 per cent of its value.
The year-to-date (YtD) return is still in the negative territory of -12.74 per cent.
The value of listed equities decreased to N13.342trillion. In 3,129 deals, equity dealers exchanged 116,069,148 units valued at N1.651billion. Zenith Bank Plc, Lafarge Africa Plc, Access Bank Plc, Neimeth, and GTBank Plc were actively traded stocks.
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