Profit Taking Continues As Stocks Lose N9bn

By Nse Anthony-Uko
(Sundiata Finance) — Profit taking by investors on the Nigerian stocks market continued on Wednesday with a loss of N9 billion.

Overall, the All Share Index (ASI) shed 28.09 absolute points, representing a decline of 0.08 per cent to close at 36,641.52 points.
Similarly, the market capitalisation shed N9 billion, to close at N12.613 trillion.

The downturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Total, Flourmill, Nascon, Access Bank and Nahco.

Analysts at Afrinvest Limited attributed yesterday’s negative close to profit taking on recent gains in the equities market. They however said, “We expect an upturn in following sessions due to third quarter, 2017 earnings releases.”

Market breadth was negative, with 13 gainers versus 21 losers. Glaxosmith recorded the highest price gain of 4.99 per cent, to close at N23.15 per share. Custodian Reinsurance followed with a gain of 4.86 per cent, to close at N3.65, while learn Africa appreciated by 3.95 per cent to close at 75 kobo per share.

Jaiz Bank rose by 2.94 per cent to close at 70 kobo, while ETI gained 2.21 per cent to close at N17.59 per share.
On the other hand, Nahco led the losers’ chart by 5.56 per cent, to close at N3.40 per share. Law Union Insurance followed a decline of 4.94 per cent to close at 77 kobo, while Caverton depreciated by 4.76 per cent to close at N1.20 per share. Transcorp declined by 4.73 percent each, to close at N1.41 and Nascon shed 4.69 per cent to close at N13..20 per share.

Also, the total volume traded depreciated by 6.25 per cent to 198.63 million shares, worth N2.94 billion, and traded in 3,543 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 37.1 million shares valued at N1.55 billion.
Sterling Bank followed with 26.9 million shares worth N26.89 million, while Access Bank traded 20.54 million shares valued at N198.46 million. Fidelity Bank traded 19.74 million shares valued at N29.22 million, while Zenith Bank sold 13.6 million shares worth N358.96 million.

Leave a Reply

Your email address will not be published. Required fields are marked *


Sundiata Post Media Ltd.

Address: 3rd Floor Office Suite, Bayelsa State Guest House, Plot 1038, Shehu Shagari Way, Maitama, Abuja, Nigeria.
Tel: +234(0)92900705, +234(0)8173460599
Whatsapp: +234(0)8053069436
BBM PIN: 5619150D

Enugu Regional Office: SW 1 New Haven Shopping Mall, Enugu, Enugu State, Nigeria.
Tel: +234(0)7062582838

London Office: 18 Belgrave Avenue, Wd18 7UE, Watford, United Kingdom.
Tel: +447417554143

Washington Office: 1245 Delafield PI NE, Washington DC 20017, USA.
Tel: 0092404216156
About Us

SundiataPost is published by Sundiata Post Media Limited, Sundiata Post is Nigeria’s most authoritative online newspaper and ranks among the top five online news platforms in Nigeria.

Guild of Corporate online publishers
A Glance at Our Advert Rate.

Inside Pages

Size In Pixels - Amount

120×180 - N27,967.50

300×100 - N24,695

Text Link - N11,275

More Details info

About Us | Contact Us | Privacy Policy | Terms of Use | Advert Rate