Nigeria: Profit Taking Begins, Equities' Capitalisation Sheds N103.643 Billion

After several days of robust growth in both indicators of the Nigerian Stock Exchange (NSE), the worst fear of several investors was confirmed on Thursday, as the market caved in to the activities of profit takers, eager to take advantage of the recent upward movement before being undone by other equally cautious investors. A total of 40 stocks recorded gains, as against previous day's 82 while 55 others suffered declines, which is three and a half times more than mid-week's 18 laggards.

Specifically, equities' capitalisation fell by N103.643 billion, while the All-Share-Index lost 456.33 basis points or 1.77 per cent at 25,294.09 points, after petroleum products marketing giants- Oando and Conoil, as well as blue chip stocks like Dangote Sugar Refinery, Nigerian Breweries, PZ Cussons Nigeria, First Bank of Nigeria, Union Bank and United Bank for Africa, joined Guinness Nigeria on the decliners' side.

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