Monday 25th September, 2017
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Equity market ends bullish run, down by 0.11%

Equity market ends bullish run, down by 0.11%

The Nigerian Stock Exchange (NSE) on Thursday record­ed the first loss in the month of August with the market indices dropping by 0.11 per cent due to profit taking.
 
The market cpaitalisation shed N14 billion or 0.11 per cent to close at N13.133 trillion compared to N13.147 trillion achieved on Wednesday.
 
Also, the All-Share Index lost 41.17 points or 0.11 per cent to close at 38,102.85 as against 38,144.02 re­corded on Wednesday due to sell pressure.
 
Market analysts had predicted that the market would likely expe­rience mixed performance due to realignment of price occasioned by profit taking.
 
The Managing Director of Trust Yield Securities Ltd., Alhaji Rasheed Yusuuf, told NAN that profit tak­ing was part normal market trans­actions.
 
Yussuf said that profit taking would occur once in a while, not­ing that the market upbeat would be sustained due to strong fundamen­tals and favourable economic climate.
 
NAN reports that Total topped the losers’ chart, shedding N11 to close at N249 per share.
 
Forte Oil trailed with a loss of N5.78 to close at N53.76 and Dan­gote Sugar Refinery declined by 69k to close at N12.57 per share.
 
Zenith International Bank depreci­ated by 50k to close at N24 per share.
 
Conversely, Nestle maintained its leadership, topping the gainers’ table with a gain of N16.01 per share.
 
Guinness followed with a gain of N3.50 to close at N91 and Unilever increased by N2.05 to close at N43.05 per share.
 
Stanbic IBTC grew by N1.50 to close at N40 and Conoil added N1.44 to close at N34.30 per share.
 
In spite of the drop in market indi­cators, the volume of shares traded in­creased by 10.35 per cent with an ex­change of 362.67 million shares worth N5.59 billion in 4,055 deals.
 
This was in contrast with a turn­over of 328.65 million shares valued at N6.10 billion traded in 4,983 deals on Wednesday.
 
Access Bank was the most active stock during the day, exchanging 69.79 million shares worth N713.39 million.
 
Zenith Bank came second with 56.84 million shares valued at N1.44 billion, while FCMB Group traded 47.17 million shares worth N57.34 million. (NAN).

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