Profit Taking: Market Capitalisation Sheds N131bn | Bizness Watch
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Profit Taking: Market Capitalisation Sheds N131bn

The four weeks winning streak on the Nigerian Stock Exchange (NSE) came to a halt last week as investors embarked on profit taking.

Following the southwards trading of equities, the market capitalisation for last week dropped by N131billion to close at N12.79 trillion compared with N12.92 trillion the previous week.

The All Share Index went down by 1.89 per cent or 427.87 points to close the week at 38,898.14 from 39,325.98 at which it opened the week.

Activity levels of the market, in terms of volume traded decreased by 10.25 per cent as 1.4 billion shares valued at N18.11 billion were exchanged in 20,736 deals compared with 1.53 billion shares valued at N23.03 billion exchanged in 21,161 deals previous week.

The financial services sector retained its position as the most active sector this week. The sector maintained its dominance in terms of volume of transaction accounting for over 75 per cent of total volumes.

According to analysts from Cordros Capital Limited, we expect modest trading in the week as investors wait cautiously for the first quarter results of manufacturing companies, particularly as banking earnings have turned out unimpressive on average.

During the preceding the week, 32 equities appreciated in prices while 38 equities depreciated in prices. The share of Costain advanced the most, climbing by 13.91 per cent to close the week at N1.31 per share; PZ Industries’ share price gained 10.61 per cent to close at N37 per share and Livestock Feeds up with 7.84 per cent to close at N3.30.

On the other hand, International Energy Insurance led the losers’ chart with a loss of N14.52 per cent to close at N0.31, followed by UBA Capital shedding N11.92 per cent to close at N29 while Seplat Petroleum went down by N10.32 to close at N598.

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