Profit Taking Sustains Slide On NSE | Independent Newspapers Limited
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Profit Taking Sustains Slide On NSE

Posted: May 8, 2015 at 2:16 am   /   by   /   comments (0)

By Bamidele Ogunwusi –  Lagos


Sell pressure, which further dragged trading on the floor of The Nigerian Stock Exchange (NSE) in the previous day trading, continued on Thursday as profit taking sustained the slide. At the close of trading, key market indicators, the All-Share Index and Market Capitalisation, declined by 0.07 percent each.

The All Share Index went down by 26.55 basis points or 0.07 percent to close at 34,400.57 points as against 34.427.12 points recorded on Wednesday, while market capitalisation depreciated by N9.06 billion to close at N11.682 trillion compared with N11.691 trillion recorded the previous day.

The loss in the market was attributed to losses recorded by blue-chip companies like Guinness Nigeria which lost 4.99 percent, food products-diversified major player, Nestle which dropped 3.82 percent while building materials’ Dangote Cement shed 0.86 percent.

At the close of trading on Thursday, a total of 330.667 million shares valued at N3.750 billion changed hands in 5,238 transactions compared to 473.565 million shares worth N3.451 billion which changed hands in 5,109 transactions recorded on Wednesday with the financial services sector accounting for a total of 260.715 million shares valued at N2.170 billion in 3,235 deals as against 265.190 million shares valued at N1.920 billion in 2,996 deals recorded the previous trading day.

However, in the banking sub-sector, investors bought and sold a total of 207.209 million share valued at N1.840 billion in 2,457 transactions as against 210.808 million share valued at N1.710 billion recorded on Wednesday.

Seplat petroleum Development Company led 23 others on the gainers’ table when it appreciated by 800 kobo to close at N387.00 per share, followed by Ecobank Transnational Incorporated which nicked 227 kobo to close at N24.55 per share, Chemical and Allied Products grabbed 187 kobo to close at N39.31 per share, among others .