11 August 2017

Nigeria: Equity Market Records First Loss in August, Down By 0.11%

The Nigerian Stock Exchange (NSE) on Thursday recorded the first loss in the month of August with the market indices dropping by 0.11 per cent due to profit taking.

The News Agency of Nigeria (NAN) reports that the market cpaitalisation shed N14 billion or 0.11 per cent to close at N13.133 trillion compared to N13.147 trillion achieved on Wednesday.

Also, the All-Share Index lost 41.17 points or 0.11 per cent to close at 38,102.85 as against 38,144.02 recorded on Wednesday due to sell pressure.

Market analysts had predicted that the market would likely experience mixed performance due to realignment of price occasioned by profit taking.

Alhaji Rasheed Yusuuf, the Managing Director, Trust Yield Securities Ltd., told NAN that profit taking was part normal market transactions.

Yussuf said that profit taking would occur once in a while, noting that the market upbeat would be sustained due to strong fundamentals and favourable economic climate.

NAN reports that Total topped the losers' chart, shedding N11 to close at N249 per share.

Forte Oil trailed with a loss of N5.78 to close at N53.76 and Dangote Sugar Refinery declined by 69k to close at N12.57 per share.

Zenith International Bank depreciated by 50k to close at N24 per share.

Conversely, Nestle maintained its leadership, topping the gainers' table with a gain of N16.01 per share.



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