Profit taking: NSE market indices drop further by 0.10%

The nation’s bourse on Wednesday sustained its bearish performance for the third consecutive trading day, with the market indicators dropping further by 0.10 per cent.

Specifically, the All-Share Index which opened at 42,043.79 dipped 43.78 points or 0.10 per cent to close at 42,000.01.

Accordingly, the month-to-date loss increased to -1.0 per cent, while the year-to-date gain moderated to 4.3 per cent.

Also, the market capitalisation dropped N23 billion or 0.10 per cent to close at N21.993 trillion from N21.970 trillion achieved on Tuesday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Flour Mills, Guaranty Trust Bank, Lafarge Africa, Champion Breweries and UACN.

Market breadth was negative with 27 stocks in relative to 19 gainers.

Linkage Assurance led the losers’ chart in percentage terms losing 9.88 per cent to close at 73k per share.

Champion Breweries followed with 9.84 per cent to close at N3.39, while Regency Alliance Insurance declined by 9.38 per cent to close at 29k per share.

African Alliance Insurance shed 9.09 per cent to close at 20k, while Wapic Insurance lost 8.47 per cent to close at 54k per share.

On the other hand, NCR dominated the gainers’ chart in percentage terms, gaining 9.94 per cent to close at N3.43 per share.

Consolidated Hallmark Insurance followed with 9.52 per cent to close at 46k, while Prestige Assurance rose by 9.09 per cent to close at 48k per share.

McNichols appreciated by 8.93 per cent to close at 61k, while Eterna gained 7.69 per cent to close at N5.60 per share.

Transactions in the shares of Union Bank of Nigeria topped the activity chart with 75.55 million shares valued at N434.42 million.

Guaranty Trust Bank trailed with 60.67 million shares worth N2.01 billion, while FCMB Group sols 50.40 million shares valued at N173.55 million.

Transcorp accounted for 44.35 million shares worth N45.91 million, while Zenith Bank transacted 31.50 million shares valued at N831.98 million.

In all, the total volume of shares transacted dipped 9.2 per cent as investors bought and sold 504.84 million shares worth N5.31 billion traded in 5,887 deals.

This was against 556.02 million shares valued at N4.79 billion recorded in 7,110 deals on Tuesday.