NSE transactions bow to profit taking, indices down by 0.65%

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Trading activities on the Nigerian Stock Exchange (NSE) succumbed to profit taking  just as predicted by market analysts.

The market indices dropped by 0.65 per cent due to price losses occasioned by sell pressure.

Consequently, the All-Share Index dipped 247.64 points or 0.65 per cent to close at 37,950.96 compared with 38,198.60 achieved on Friday.

Also, the market capitalisation which opened at N13.166 trillion shed N86 billion or 0.65 per cent to close at N13.080 trillion.

Market analysts had predicted that the market would experience mixed performance this week as a result of profit taking.

They said that investors would likely take advantage of price growth witnessed in the market in the recent time ahead of July inflation data.

Total led the losers’ chart, shedding N12.45 to close at N236.55 per share.

Dangote Cement came second with a loss of N5 to close at N235, while Guinness lost N1.50 to close at N90 per share.

Flour Mills Nigeria was down by N1.40 to close at N27.60 and CAP depreciated by 59k to close at N34.40 per share.

On the other hand, Seplat Petroleum Development Company led the gainers’ table during the day, appreciating N9.90 to close at N480 per share.

Nigerian Breweries followed with a gain of N2 to close at N193, while Ecobank Transnational Incorporated (ETI) appreciated by 42k to close at N18 per share.

Unilever added 25k to close at N45.50, while Union Bank of Nigeria advanced by 23k to close at N6 per share.

The volume of shares traded dropped by 10.61 per cent as investors bought and sold 316.12 million shares valued at N4.24 billion transacted in 4,113 deals.

This was in contrast with 353.65 million shares worth N6.30 billion exchanged in 4,079 deals on Friday.

Access Bank was the most active stock for the day, exchanging 269.66 million shares valued at N1.77 billion.

Guaranty Trust Bank followed with an account of 26.17 million shares worth N1.03 billion, while FBN Holdings traded 17.79 million shares valued at N110.14 million.

Fidelity Bank sold 12.97 million shares worth N17 million and Zenith International Bank exchanged 10.52 million shares valued at N248.29 million.

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