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Profit-taking drags down share value by N33bn

By Michael Eboh

Provoked by profit taking activities of investors in the Nigerian Stock Exchange (NSE), the value of listed equities dropped, Monday, by N32.85 billion.
Specifically, the value of listed equities, represented by the market capitalisation, depreciated by 0.63 per cent to close at N5.159 trillion, from N5.192 trillion at which it opened.

The All-share index, another performance indicator, also dipped by 0.63 per cent to close at 22,190.87 points from 22,332.15 points at which it opened.
The decline was brought about by losses on the share prices of major blue chip companies, after gains recorded after the visit of the Governor of the Central Bank of Nigeria (CBN), Mr. Lamido Sanusi, to brief capital market operators of happenings in the country’s banking and financial sector.

The attractiveness of the shares brought about by the gains, forced investors to dispose off the shares to make quick gains.
Nigerian Breweries Plc recorded the most share price loss, dropping by N2.00 to close at N58.00 per share, African Petroleum Plc followed with a loss of N1.60 to close at N30.40 per share and Nigerian Bottling Company Plc dipped 0.95 to close at N18.05 per share.

Other share price losers include: BOC Gases Plc N0.78, First Bank of Nigeria Plc N0.78, Cement Company of Northern Nigeria Plc N0.64, Ashaka Cement Plc N0.59, PZ Cussons Nigeria Plc N0.52, Oando Plc N0.50, Unilever Nigeria Plc N0.50 among others.
On the contrary, Total Nigeria Plc recorded the most share price gain, rising by N6.82 to close at N143.32 per share, Mobil Oil Nigeria Plc followed with a gain of N4.84 to close at N101.81 per share and CAP Plc garnered N1.39 to close at N29.23 per share.

Other share price gainers include: Julius Berger Nigeria Plc N1.29, Glaxo SmithKline Consumer Plc N1.16, UAC Property Development Company Plc N0.93, Nigerian Aviation Handling Company Plc N0.39, Longman Nigeria Plc N0.39, Union Bank Nigeria Plc N0.39, Access Bank Plc N0.29 among others.

Equity trading, however, appreciated by 25.31 per cent, as a turnover of 542.56 million shares valued at N4.14 billion in 5,893 deals, in contrast to Friday’s turnover of 432.97 million shares valued at N3.98 billion in 6,566 deals.

The Banking sub-sector, buoyed by activity in the shares of Access Bank Plc, recorded the highest patronage, accounting for 77.97 per cent of the market turnover, with 423.03 million shares valued at N3.54 billion in 3,440 deals. Access Bank Plc dominated proceedings in the sub-sector, trading 178.23 million shares valued at N1.08 billion in 182 deals, followed by GTBank Plc with the exchange of 47.49 million shares valued at N665.3 million in 409 deals and Zenith Bank Plc recorded 41.77 million shares valued at N534.12 million in 318 deals.

The Insurance sub-sector followed on the sectorial analysis, accounting for 6.97 per cent of the market turnover, with 37.91 million shares valued at N48.68 million in 362 deals.

Continental Reinsurance Plc recorded the most patronage in the sub-sector, trading 10.75 million shares valued at N18.7 million 26 deals, followed by International Energy Insurance Plc with the exchange of 9.99 million shares valued at N6.8 million in 37 deals and AIICO Insurance Plc recorded 3.92 million shares valued at N3.74 million in 85 deals.


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