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Profit taking takes toll on exchange as indices dip by N49 billion

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Nigeria Stock Exchange, Lagos

Transactions on the equities sector of the Nigerian Stock Exchange (NSE) reversed the upward development to shut on a downturn yesterday, following value depreciation suffered by main extremely capitalised shares, inflicting market capitalisation to dip by N49 billion.

Specifically, on the shut of transactions yesterday, , the All-Share Index (ASI) shed 135.32 absolute factors or zero.35 per cent to shut at 39,031.72 factors. Also, the market capitalisation declined by N49 billion to shut at N14.139 trillion.

The depreciation was impacted by losses recorded in medium and huge capitalised shares, amongst that are; Nigerian Breweries, Dangote Sugar, Zenith Bank, FBN Holdings and UBA.

Analysts attributed the drop in indices to revenue taking by traders on the exchange. As acknowledged by them, traders leveraged the worth appreciation recorded previously few days to recoup their funding.

Despite the decline, they reiterated that inventory costs stay enticing, making room for discount searching in worth shares, amidst still-positive macro-economic fundamentals.

Further breakdown of yesterday’s trading confirmed that market breadth closed unfavorable, with 20 gainers versus 22 losers. Japaul Oil recorded the very best value acquire of 5.88 per cent, to shut at 36 kobo per share. UAC Property adopted with a acquire of four.98 per cent to shut at N2.11, whereas Prestige Assurance rose by four.92 per cent to shut at 64 kobo per share.

Learn Africa gained four.86 per cent to shut at N1.51, whereas Equity Assurance appreciated four.55 per cent to shut at 23 kobo per share.

On the opposite hand, Diamond Bank led the losers’ chart by 5 per cent, to shut at N1.52 per share. AIICO Insurance shed four.62 per cent to shut at 62 kobo, whereas Unity Bank depreciated by four.35 per cent to shut at 88 kobo per share.

Skye Bank declined by three.95 per cent to shut at 73 kobo and United Capital additionally shed three.95 per cent to shut at N3.16 per share.

However, the overall quantity traded appreciated by 33.68 per cent to 456.49 million shares, value N4.13 billion, and traded in three,517 offers. Transactions within the shares of UBA topped the exercise chart with 90.62 million shares valued at N998.23 million. United Capital adopted with 78.69 million shares value N258.35 million, whereas Africa Prudential traded 72.1 million shares valued at N312.6 million.

Access Bank traded 26.28 million shares valued at N282.27 million, whereas African Alliance Insurance transacted 23.three million shares value N4.66 million.

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