Profit taking: NSE market capitalisation drops further by N164bn

Activities on the Nigerian Stock Exchange (NSE) on Tuesday remained on a downward trend with the market capitalisation shedding N164 billion due to profit taking. The market capitalisation lost N164 billion or 1.73 per cent to close at N9.307 trillion compared with N9.471 trillion achieved on Monday.
In the same vein, the All-Share Index, which opened at 27,574.85, dropped 476.33 points or 1.73 per cent to close at 27,098.52 against 27,574.85 recorded on Monday following price depreciation by blue chips. Market analysts attributed the development to profit taking embarked by some investors due to economic uncertainties.
They also said that end of the month activities contributed to sell pressure in the equities market.
A breakdown of the price movement showed that Dangote Cement recorded the highest loss to lead the losers’ table, shedding N8.83 to close at N174.17 per share.
Ashaka Cement came second with a loss of N1.31 to close at N12.26 and Gloxasmithkline dipped 75k to close at N15.03 per share. Flour Mills declined by 65k to close at N19.35, while International Breweries decreased by 55k to close at N19.40 per share.
Conversely, Mobil Oil led the gainers’ table, gaining N4.46 to close at N190 per share.
Seplat followed with a gain of N3.60 to close at N390 and Presco improved by N2.05 to close at N42.30 per share. Lafarge Africa appreciated by N1.01 to close at N44.51, while Caverton added 4k to close at 94k per share. Zenith Bank emerged investors delight, having accounted for 19.24 million shares worth N288.41 million. Access Bank followed with an exchange of 12.54 million shares valued at N70.84 million and FCMB Group traded 11.94 million shares worth N13.12 million.
International Breweries accounted for 10.08 million shares valued at N195.59 million, while United Capital transacted 8.98 million shares worth N22.28 million. The volume of shares traded closed higher as investors bought and sold 113.49 million shares valued at N1.23 billion achieved in 2,435 deals. This was in contrast with 101.18 million shares worth N1.06 billion exchanged in 2,256 deals on Monday