NSE market indices drop by 0.62 per cent amid profit taking

Transactions at the Nigerian Stock Exchange (NSE) on Tuesday remained on a downward trend due to profit taking with the market indicators dropping by 0.62 per cent.
The market capitalisation lost N73 billion or 0.62 per cent to close at N11.759 trillion against N11.832 trillion posted on Monday.

 
Similarly, the All-Share Index depreciated by 213.76 points or 0.62 per cent to close at 34, 507.85 compared with 34,721.61 achieved on Monday following price depreciation.
An analysis of the price movement chart showed that Forte Oil topped the laggards’ chart with a loss of N6.90 to close at N193.10 per share.

 
Guinness came second having lost N6.01 to close at N161.99, while Nigerian Breweries dropped N3.82 to close N157.02 per share. Cadbury Nigeria dipped N1.81 to close at N39.20 and Unilever lost N1.64 to close at N40.01 per share. On the other hand, Nestle led the gainers’ table, appreciating by N7 to close at N947 per share.

 
Also, 7UP followed with N6.90 to close at N170, while PZ Cussons gained N1.35 to close at N28.35 per share. Flour Mills increased by 72k to close at N36.42, while Oando grew by 34k to close at N19.07 per share. In all, investors bought and sold 354.45 million shares worth N3.29 billion exchanged in 5,668 deals.

 
This was against the 395.16 million shares valued N2.69 billion traded in 4,497 deals on Monday. A breakdown of the activity chart indicated that FBN Holdings emerged the most active, exchanging 48.58 million shares worth N496.39 million achieved in 705 deals. United Bank for Africa followed with 41.14 million shares valued N211.14 million traded in 383 deals, while Access Bank accounted for 37.47 million shares valued N254.61 million transacted in 423 deals. Transcorp sold 34.78 million shares worth N109.16 million traded in 230 deals and Zenith Bank exchanged 31.08 million shares valued N720.89 million achieved in 264 deals.