Market capitalization loses N74bn amidst profit taking by investors

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Activities on the Nigerian Stock Exchange opened for the week on Monday on a downward trend with the market capitalisation losing N74bn, amid profit taking embarked upon by investors.

The market capitalisation which opened at N8.892tn lost N74bn or 0.83 per cent to close at N8.818tn.

Similarly, the All-Share Index shed 215.45 points or 0.83 per cent to close at 25,587.09 against 25,802.54 achieved on Friday.

Total recorded the highest loss to lead the losers’ chart, dropping by N6 to close at N262 per share. Dangote Cement trailed with a loss of N2.99 to close at N165.01 and GlaxoSmithKline dipped 75k to close at N14.25 per share.

PZ industries was down by 67k to close at N12.87, Guinness declined by 28k to close at N66.70 per share. Conversely, Nigerian Breweries led the gainers’ table, gaining 39k to close at N133.50 per share.

United Capital followed with a gain of 17k to close at N3.72 and Guaranty Trust Bank gained 6k to close at N23.08 per share. Dangote Sugar Refinery appreciated by 4k to close at N6.05; Livestock added 3k to close at 78k per share.

However, the volume of shares closed higher as investors bought and sold 152.39 million shares worth N903.53m transacted in 2,706 deals. This was in contrast with a total of 144.63 million shares valued at N1.22bn exchanged in 2, 350 deals on Friday.

FBN Holdings emerged the most traded stock, exchanging 25.24 million shares worth N88.24m. Staco Insurance followed with 20 million shares valued at N10m, while Fidelity Bank traded 13.55 million shares worth N12.10m.

FCMB Group accounted for 13.26 million shares valued at N16.68m, while Zenith International sold 12.18 million shares worth N187.32m.