Market records N5bn loss to profit taking

Equities investors on The Nigerian Stock Exchange (NSE) were on profit taking on Wednesday as the market capitalisation and All-Share Index which closed at 28,248.86 basis points and N9.704 trillion respectively on Tuesday, came down to  N9.699 trillion and 28,236.23 basis points  respectively, resulting in investors recording N5 billion loss.

Capital market analysts said decline in Dangote Cement and oil & gas companies share prices had tempered with the equities market.

They expressed the view that profit taking activities continued on the Oil and Gas shares, following the rally witnessed in the prior weeks.

“We anticipate mixed sentiments in the market, in the days to come, as investors await the outcome of the “Oil Output Freeze” meeting, they explained.

After today’s trading activities, Oando Plc led the list of declining shares as its fell by 7.71 per cent or N0.41 kobo to close at N4.91 per share, Ashaka Cement Plc followed with a decline of 4.99 per cent or N0.90 kobo to close at N17.12 per share

Betaglas Plc dropped by 4.63 per cent N1.46 to close at N30.05 per share, while Caverton Plc decreased by 4.60 per cent or N0.04 kobo to close at N0.83 kobo per share and Wema Bank Plc recorded a depreciation of 4.35 per cent or N0.03 kobo to close at N0.66 kobo per share.

The day’s gainers were topped by Law Union Plc which increased 9.84 per cent or N0.06 kobo to close at N0.67 kobo per share.

Learn Africa Plc followed with a gain of 8.62 per cent or N0.05 kobo to close at N0.63 kobo per share.

Mobil Oil Plc trailed with a five per cent or N8.97 appreciation to close at N188.52 per share. Nigerian Aviation Handling Company Plc and Glaxosmithkline Plc improved by  4.94 per cent and 4.59 per cent respectively to close at N3.40 and N20.50 each.

Market activity as measured by Volume and Value traded, settled at 159.0 million and N1.45 billion respectively compared to 294.9 million units and N1.4 billion traded previously.