Nigerian equity market bows to profit taking, down by 2.41%

Trading opened on the Nigerian Stock Exchange  (NSE) for the week on Monday on a negative trend due to sell pressure, as predicted by analysts.
Both market indices dropped by 2.41 per cent due to profit taking embarked upon by investors, who took advantage of gains posted in the previous week.
Specifically, the market capitalisation which opened at N9.745 trillion shed N235 billion or 2.41 per cent to close at N9.510 trillion due to huge losses by some blue chips.
 
Also, the All-Share Index lost 678.77 points or 2.41 per cent to close at 27,513.69 compared to 28,192.46 posted on Friday.
Nestle recorded the highest loss to lead the losers’ table shedding N37 to close at N798 per share.
 
Seplat trailed with a loss of N20 to close at N380 and Nigerian Breweries dropped by N7.33 to close at N141.67 per share.
 
Forte Oil declined by N2.52 to close at N47.89, while Zenith Bank was down by N1.03 to close at N17.10 per share.
On the other hand, Dangote Cement led the gainers’ table, gaining N6.51 to close at N163.01 per share.
 
Presco followed with a gain of N2 to close at N49, while Stanbic IBTC appreciated by 50 kobo to close at N26.50 per share.
 
UACN gained 46k to close at N15.60, while UAC Capital improved by 5k to close at N2.99 per share.
 
However, the volume of shares traded closed lower with a total of 670.96 million shares valued at N7.91 billion transacted in 4,032 deals.
 
This was in contrast with a turnover of 1.06 billion shares worth N9.19 billion exchanged in 5,342 deals on Friday.
 
Zenith Bank was the most active stock, accounting for 225.35 million shares worth N4.06 billion.
 
It was trailed by Access Bank with173.34 million shares valued at N1.21 billion, while Ecobank Transnational sold 77.50 million shares worth N747.98 million.
 
FBN Holdings exchanged 44.59 million shares valued at N174.67 million and Guaranty Trust Bank sold 27.57 million shares worth N794.11 million.