Market sentiment as measured by market breadth,
was negative as 30 stocks declined, relative to 17
gainers [Reuters/Akintunde Akinleye]
The market capitalisation dipped N279 billion or
1.53 per cent to close at N17.892 trillion.
Activities at the nation's bourse closed southward
on Tuesday for the second consecutive day, with
market capitalisation dropping N279 billion on
continuous profit taking.
The News Agency of Nigeria (NAN) reports that the
market capitalisation dipped N279 billion or 1.53
per cent to close at N17.892 trillion against
N18.171 trillion on Monday.
In the same vein, the All-Share Index lost 531.25
points or 1.53 per cent to close at 34,242.83 from
34,774.08 posted on Monday.
The downtrend was further driven by losses in
medium and large capitalised stocks among which
are Nestle, Dangote Cement, Nigerian Breweries,
Cadbury and International Breweries.
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Mr Ambrose Omordion , the Chief Operating Officer
of InvestData Ltd., attributed the development to
profit-booking across sectors after eight straight
weeks of market rally.
Omordion said that the pullback was creating
another new buy-in opportunities for the market.
"We expect the NSE index to rebound before the
week runs out after the profit taking to sustain
uptrend till early second quarter of 2021," he said.
Market sentiment as measured by market breadth,
was negative as 30 stocks declined, relative to 17
gainers.
Oando and Wapic Insurance led the losers' chart in
percentage terms, dropping 10 per cent each to
close at N3.24 and 45k per share, respectively.
Portland Paints & Products trailed with a loss of
9.97 per cent to close at N2.62 per share.
Livestock Feeds depreciated by 9.92 per cent to
close at N1.18 and Cadbury lost 9.85 per cent to
close at N9.15 per share.
Similarly, BOC Gases topped the gainers' chart in
percentage, posting 9.96 per cent to close at N5.85
per share.
GlaxoSmithKline came second with 9.56 per cent to
close at N7.45 per share.
Conoil appreciated by 9.45 per cent to close at
N20.85, while Mutual Benefits Assurance and Union
Diagnostic & Clinical Services rose by 7.69 per cent
each to close at 28k per share each.
However, the total volume of trades increased by
1,299 per cent as investors bought and sold 9.36
billion shares, valued at N12.02 exchanged in 8,712
deals.
This was in contrast to 668.53 million shares worth
N7.85 billion traded in 10,319 deals on Monday.
Transactions in the shares of UACN Property
Development Company topped the activity chart
with 8.52 billion shares valued at N5.96 billion.
Jaiz Bank followed with 304.73 million shares
worth N222.22 million, while Transcorp sold 95.93
million shares, valued at N97.29 million.
FBN Holdings accounted for 82.41 million shares
worth N613.82 million, while United Bank for Africa
traded 52.84 million shares, valued at N440.56
million.
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