December 19, 2017

The market indicators of the Nigerian Stock Exchange (NSE) on Tuesday dropped further by 0.52 per cent due to profit taking ahead of the Yuletide preparations.

The News Agency of Nigeria (NAN) reports that the market capitalisation lost N71 billion to close at N13.445 trillion in contrast with N13.516 trillion posted on Monday.

Also, the All-Share Index, which opened at 37,980.67, dropped 196.91 points or 0.52 per cent to close at 37,783.76 due to price loses.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the development to profit taking by some investors to prepare for Christmas.

Omordion said that investors were taking advantage of price rally recorded by some stocks in the market to attend to their pressing needs ahead of Yuletide.

NAN reports that Dangote Cement, for the second consecutive day, led the losers’ table, shedding N1.50 to close at N228.50 per share.

Dangote Sugar Refinery trailed with a loss of N1.08 to close at N20.57, while Forte Oil was down by N1.02 to close at N43.48 per share.

ETI dipped 70k to close at N16.80, while Cadbury depreciated by 50k to close at N13.40 per share.

On the other hand, Unilever recorded the highest gain, leading the gainers’ table for the day with N1.79 to close at N41.99 per share.

Eterna Oil followed with a gain of 16k to close at N4.15, while Access Bank increased by 6k to close at N10.40 per share.

Continental Reinsurance added 4k to close at N1.39, while Livestock also appreciated by 4k to close at 86k per share.

However, the volume of shares traded rose by 626.01 per cent with an exchange of 649.63 million shares valued at N5.43 billion transacted in 3,888 deals.

This was against the 89.48 million shares worth N1.83 billion traded in 1,499 deals on Monday.

Transcorp emerged investors delight, accounting for 360.34 million shares valued at N504.63 million.

FBN Holdings came second with a turnover of 63.80 million shares worth N567.02 million, while Zenith International Bank sold 62.51 million shares valued at N1.59 billion.

GT Bank traded 38.95 million shares worth N1.56 billion, while Thomas Watt sold 22.35 million shares valued at N11.17 million.