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Profit taking persists on NSE, index returns to 39,000 mark

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NSE maintain bearish trend despite listing of Ellah Lakes additional shares

The market capitalisation of Nigerian Stock Exchange on Friday lost N155 billion amid increased profit taking.

Speficially, the capitalisation, which opened at N20.978 trillion lost N155 billion or 0.74 per cent to close at N20.823 trillion.

Similarly, the All-Share Index shed 295.60 points or 0.74 per cent to close at 39,799.89 from 40,095.49 achieved on Thursday.

An analysis of the price movement shows that Wema Bank topped the losers’ chart, dropping by 10 per cent or 7k to close at 63k per share.

Champion Breweries came second with a loss of 10 per cent or 28k to close at N2.52, while Sunu Assurance dipped 9.59 per cent or 7k to close at 66k per share.

Africa Prudential lost 5.74 per cent or 35k to close at N5.75, while Mansard Insurance declined by 5.36 per cent or 6k to close at N1.06 per share.

On the other hand, Lasaco Insurance led the gainers’ table in percentage terms, growing by 9.82 per cent or 11k to close at N1.23 per share.

Mutual Benefit followed with 8.11 per cent or 3k to close at 40k, while Courtville gained 5 per cent or 1k to close at 21k per share.

Oando added 2.99 per cent or 10k to close at N3.45, while NAHCO increased by 2.70 per cent or 6k to close at N2.28 per share.

A breakdown of the activity chart shows that Wema Bank was the most active stock, exchanging 304.53 million shares valued at N197.27 million.

FBN Holdings followed with an account of 30.75 million shares worth N226.05 million, while Zenith Bank sold 26.61 million shares valued at N677.41 million.

Transcorp sold a total of 22.93 million shares worth N20.68 million, while United Capital exchanged 17.15 million shares valued at N104.61 million.

In all, investors traded 507.25 million shares worth N2.44 billion in 4,465 deals.

This was against a total of 326.04 million shares valued at N3.72 billion in 4,567 deals on Thursday.

Chinyere Joel-nwokeoma

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective.A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour.The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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