Market retraces as index drops 0.41% | Independent Newspapers Limited
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Market retraces as index drops 0.41%

Posted: Apr 15, 2015 at 4:15 am   /   by   /   comments (0)


By Bamidele Ogunwusi

Correspondent, Lagos


The Nigerian bourse closed southward on Tuesday as profit-taking activities slowed down the market. The key market performance measures, the NSE All Share Index and market capitalisation, dropped by 0.41 percent.

The All Share Index went down by 146.79 basis points or 0.41 percent to close at 35,042.33 points while market capitalization shed N50.019 billion to close at N11.991 trillion.

Declines in the tier 1 banking stocks such as United Bank for Africa, Zenith Bank and Guaranty Trust Bank, was the major driver of the day’s market loss. Market activity level also declined as 24 stocks advanced while 27 declined.

Experts at UBA Capital, however, predicted that investors will book further gains in the next trading session as there is still room to take position for the long-term, especially in the fundamentally strong stocks.

Meanwhile, investors traded in a total of 248.370 million shares, valued at N3.370 billion in 4,939 transactions as against 344.679 million shares, valued at N4.654 billion in 4,954 transactions recorded on Monday with the financial services sector accounting for a total of 181.714 million shares, valued at N1.774 billion in 2,672 transactions as against 262.025 million shares, valued at N2.961 billion in 2,715 transactions recorded on Monday.