Equity market declines by N4bn on profit taking

The Nigerian equity market on Thursday posted negative results due to profit taking in some Tier-One banking stocks by investors.

Consequently, the All-Share Index (ASI) dipped by 7.46 basis points or 0.02 per cent to close at 47, 524.38 as against 47,531.84 recorded at the previous trading session.

Also, market capitalisation depreciated by N4 billion from N25.889 trillion on Wednesday to N25.885 at the close of trade.

The key drivers of the weak performance were stocks of Zenith Bank, Access Holding and United Bank for Africa(UBA).

The market breath, however, ended positive with 13 gainers against 10 losers.

Meanwhile, a turnover of 86.54 billion shares exchanged in 3,264 deals was recorded in the day’s trading.

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Further analysis of the day’s trading showed that in percentage terms, Honeywell Flour Mill topped the day’s gainers’ table with 9.79 per cent to close N2.13 per share.

Neimeth International Pharma followed with a gain of 9.52 per cent to close at N1.38, while Fidson grew by 7.88 per cent to close at N9.17 per share.

Also, Chams appreciated by 7.69 cent to close 28k, while Livestock Feeds added 6.8 per cent to close at N1.10 per share.

On the flip side, UACN led the losers with a drop of 9.76 per cent to close at N9.25 per share while Geregu Power shed 9.02 per cent to close at N110 per share.

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LASACO shed 6.67 per cent to close at 84k kobo per share.

Conerstone Insurance and Champion Breweries dropped by 5.45 per cent and 3.33 per cent each to close at 52k and N3.48 per share, respectively.

(NAN)