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Profit taking: NSE extends negative outlook, drops to 28, 000 mark

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The Nigerian equities market on Wednesday extended its negative outlook for the third consecutive day, declining by 0.45 per cent, amid profit taking.

The News Agency of Nigeria reports that the All-Share Index dropped to the 28, 000 mark, having lost 130.00 points or 0.45 per cent to close at 28,966.41, against 29,096.41on Tuesday.

Also, the market capitalisation which opened at N10.936 trillion shed N50 billion to close at N10.886 trillion.

The market breadth was flat with 21 gainers versus 21 losers.

An analysis of the price movement table shows that Betaglass led the gainers’ chart, gaining N6.25 to close at N68.95 per share.

Dangote Flour Mills followed with a gain of 80k to close at N16.80, while Cadbury added 30k to close at N11 per share.

Dangote Sugar Refinery grew by 25k to close at N14, while Eterna added 20k to close at N4.10 per share.

On the other hand, Dangote Cement industry recorded the highest loss, declining by N2 to close at N179 per share.

Mobil also dipped N2 to close at N173, while Guaranty Trust Bank was down by 70k to close at N32.30 per share.

Nigerian Breweries lost 50k to close at N65.50, while Access Bank dropped by 15k to close at N7 per share.

The volume of shares traded closed lower as investors bought and sold 324.81 million shares valued at N3.24 billion, achieved in 3,631 deals.

This was against the 430.27 million shares worth N2.83 billion transacted in 4,512 deals on Tuesday.

The banking stocks dominated the activity chart with United Bank for Africa accounting for 59.70 million shares valued at N409.02 million.

Access Bank followed with an exchange of 46.41 million shares worth N327.44 million, while Sterling Bank traded 40.28 million shares valued at N103.66 million.

Zenith International Bank sold a total of 32.22 million shares worth N661.70 million, while Courteville Business Solutions exchanged 16.39 million shares valued at N4.09 million.

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