14 February 2013

Nigeria: Profit Taking Further Depletes Equities Market

Profit taking yesterday further dipped the Nigerian stock market as investors leveraged on gains recorded for an appreciable number of days to take profit.

The situation caused the stock activities to drop by 132.28 points or 0.4 per cent, from 33,487.82 recorded on Tuesday to 33,355.54 while market capitalisation depreciated by N43 billion from N10,714 trillion to N10,671 trillion.

However, heavy transactions on the shares of some insurance companies and banks, especially Unity Bank, yesterday enhanced the volume of shares traded as 1.4billion shares worth N5.5 billion changed hands in 9,658deals, higher than 891.4million units valued at N4.6 billion exchanged in 8,337 deals on Tuesday.

Precisely, at close of transactions yesterday, the insurance sub-sector displaced the banking subsector, just as in the previous day, as it recorded 721million shares worth N545million followed by the banking sub-sector with 324 million units valued at N2.1 billion in 3,156 deals.

Transactions in the shares of Lasaco Assurance lifted activities in the insurance sub-sector with 123million shares worth N62 million followed by Sovereign Trust Insurance which recorded 82 million units worth N48 million.

The banking sub-sector was boosted by activities in the shares of Unity Bank with 138 million units worth N163 million.

On the price movement chart, Guinness topped the losers chart with 546 kobo to close at N291.00 per share while Total followed with 499kobo to close at N138.01 per share.

PZ Cussons lost 125 kobo to close at N41.85 per share. Nigerian Breweries shed 101 per cent to close at N163.00 per share.

Dangote Cement, Presco, FO, shed 100kobo,94kobo and 83kobo to close at N140.00, N26.36 and N15.80 per share.

EcobankTransNational Incorporated dropped 43 kobo to close at N14.33 per share.

Ashaka cement and Stanbic IBTC also shed 30kobo and 28 kobo to close at N25.00 and N15.72 per share.

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