NSE drops N393bn on renewed profit taking

The nation’s bourse recorded its first loss in the year on Tuesday, dropping by N393 billion due to renewed profit taking on blue chips.

Specifically, the market capitalisation shed N393 billion or 1.83 per cent to close at N21.122 trillion from N21.515 trillion recorded on Monday.

Similarly, the All-Share Index lost 751.25 points or 1.83 per cent to close at 40,396.14 compared with 41,147.39 achieved on Monday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; BUA Cement, MTN Nigeria Communications, Zenith Bank, Okomu Oil and Guaranty Trust Bank.

Market breadth was negative with 34 stocks losers, relative to 16 gainers.

Oando dominated the losers’ chart in percentage terms, losing 10 per cent to close at N3.33 per share.

FTN Cocoa followed with 9.72 per cent to close at 65k, while May and Baker shed 8.55 per cent to close at N3.21 per share.

FBN Holdings dipped 8.28 per cent to close at N7.20, while Associated Bus Company lost 7.89 per cent to close at 35k per share.

Conversely, BOC Gases led the gainers’ chart in percentage terms, gaining 9.72 per cent to close at N10.50 per share.

NEM Insurance trailed with 9.50 per cent to close at N1.96, while Sovereign Trust Insurance rose by 9.09 per cent to close at 24k per share.

Japaul Gold and Ventures went up by 8.82 per cent to close at 74k, while Livestock Feeds appreciated by 8.63 per cent to close at N1.51 per share.

However, the total volume of shares traded rose by 119.73 per cent as investors bought and sold 465.67 million shares worth N5.118 billion exchanged in 7,573 deals.

This was in contrast with a turnover of 211.93 million shares valued at N1.41 billion transacted in 3,438 deals on Monday.

Transactions in the shares of Transcorp topped the activity chart with 69.16 million shares worth N64.82 million.

Zenith Bank followed with 31.71 million shares valued at N788.33 million, while FCMB Group traded 26.594 million shares worth N80.21 million.

Japaul Gold and Ventures traded 26.04 million shares valued at N19.27 million, while Access Bank transacted 24.53 million shares worth N214.57 million.