Profit Takers Return as NSE Index Down 0.13% | Independent Newspapers Limited
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Profit Takers Return as NSE Index Down 0.13%

Posted: May 29, 2015 at 12:00 am   /   by   /   comments (0)

By Bamidele Ogunwusi  Lagos


After recording significant growth for two consecutive days, the stock market lowered its momentum on Thursday as the bears regain dominance in the local bourse following losses recorded by some blue chip companies.

This was due to profit taking by investors in the wake of cautious optimism that has pervaded the market.

Consequently, the All-Share Index dropped 44.94 basis points or 0.13 percent to close at 34,310.37 as against 34,355.31 recorded the previous day while the market capitalisation of equities depreciated by N16 billion or 0.13 per cent to close at N11.658 trillion from N11.674 trillion as market sentiment returned to red trajectory.

Meanwhile, a turnover of 711.2 million shares worth N11.9 billion in 4,675 deals was recorded in the day’s trading.

The banking sub-sector of the financial services sector was the most active during the day (measured by turnover volume); with 447.4 million shares worth N3.3 billion exchanged by investors in 1,687 deals.

Volume in the sub-sector was largely driven by activities in the shares of Access Bank Plc and UBA Plc.