Profit Taking Drags NSE ’ s Benchmark Index Down By 1 . 49%

At the end of yesterday ’s trading session , the Nigerian stock market benchmark index shed 1. 49 per cent as investors booked profit in high capitalised stocks .
The All - Share- Index (ASI ) shed 519.31 absolute points or 1. 49 per cent to close at 40 ,615 .42 points , resulting to year - to-date loss of 10 . 01 per cent . Also , the market capitalisation declined by N189 billion to close at N12 . 564 trillion . The downturn was impacted by losses recorded in medium and large capitalised stocks , amongst which are; Seplat Petroleum Development Company , Dangote Cement , Stanbic IBTC , Flour Mills Nigeria and Ecobank Transnational Incorporated . Analysts at Afrinvest Limited said that “ going forward , we believe market performance will remain largely bearish as sentiments remain soft. ”
Market breadth closed negative, with 20 gainers versus 26 losers . CI Leasing recorded the highest price gain of 9 . 93 per cent , to close at N2. 99 per share. Consolidated Hallmark Insurance followed with a gain of 8 . 57 per cent to close at 38 kobo , while Jaiz Bank appreciated by 8. 16 per cent to close at 53 kobo per share .
Sterling Bank appreciated by 5 . 84 per cent to close at N1. 45 , while Forte Oil Insurance gained 5 . 26 per cent to close at N20 per share. On the other hand , Mutual Benefit Assurance led the losers ’ chart by 10 per cent , to close at 27 kobo per share . Learn Africa followed with a decline of 9 . 82 per cent to close at N1 . 01 , while Chams depreciated by 9 . 68 per cent to close at 28 kobo per share .
Law Union & Rock Insurance declined by 9. 59 per cent to close at 66 kobo and Niger Insurance also shed 9. 09 per cent to close at 40 kobo per share. Similarly , the total volume traded depreciated by 16 . 7 per cent to 200. 28 million shares , worth N2 . 16 billion, and traded in 3,224 deals .
Transactions in the shares of united Bank for Africa ( UBA) topped the activity chart with 22 . 48 million shares valued at N180. 35 million . Stanbic IBTC Holdings followed with 19 . 24 million shares worth N904 .22 million , while FCMB Groups traded 19 . 13 million shares valued at N34 . 93 million .
Skye Bank traded 18 .5 million shares valued at N9 . 67 million , while Aiico Insurance transacted 15 . 23 million shares worth N14 .37 million .

Profit Taking Drags NSE ’ s Benchmark Index Down By 1 . 49% Profit Taking Drags NSE ’ s Benchmark Index Down By 1 . 49% Reviewed by Youngblogger on 05 September Rating: 5

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