NSE market indices nosedive by 1.02% following profit booking

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The market indices of the Nigerian Stock Exchange (NSE) on Friday dropped by 1.02 per cent due to profit taking, halting over a week rally in the market.

The News Agency of Nigeria (NAN) reports that the market capitalisation lost N131 billion or 1.02 per cent to close at N12.705 trillion compared to N12.836 trillion achieved on Thursday.

Also, the All-Share Index which opened at 37,245.17 lost 380.46 points or 1.02 per cent to close at 36,864.71 achieved on Thursday.

An analysis of the price movement table showed that Dangote Cement recorded the highest price loss to lead the losers’ chart, dropping by N9.48 to close at N235.51 per share.



Nigerian Breweries shed N2.15 to close at N171.62, while Forte Oil lost N1.20 to close at N61.70 per share.

Guinness dipped 95k to close at N65.05 and Cadbury dropped by 75k to close at N10.45 per share.

Conversely, Nestle led the gainers’ table with a gain of N47.77 to close at N1,003.27 per share following investors reaction to the half year earnings released to the market.

It was trailed by Presco with a gain of N2.20 to close at N73.20 and Dangote Sugar garnered 98k to close at N10.86 per share.



Lafarge Africa chalked up 75k to close at N60.75, while International Breweries rose by 50k to close at N32 per share.

Also, the volume of shares traded closed lower with an exchange of 525.59 million shares worth N8.14 billion transacted in 5,799 deals.

NAN reports that this was in contrast to a turnover of 542.80 million shares valued at N8.01 billion traded in 5,939 deals on Thursday.

FBN Holdings emerged investors delight with a turnover of 96.86 million shares valued at N548.65 million.

Diamond Bank came second with 88.09 million shares worth N117.02 million and Transcorp transacted 57.85 million shares valued at N83.68 million. (NAN)

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