NSE index plunges as profit taking lingers

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Transactions on the floor of the Nigerian Stock Exchange, NSE, on Wednesday, January 24 lingered in the south, thus pulling down market value.

Consequently, the All-Share Index plunged by 0.96 percent or 426.45 points to close at 43,963.40 points from 44,389.85 points recorded on Tuesday, bringing the year-to-date return to 14.96 percent. Meanwhile, the market capitalisation slumped by N143 billion to settle at N15.760 trillion.

GTBank led the laggards’ chart soaring by N1.10k to its share value to settle at N50.90k per share. Zenith Bank dropped N1 to close at N31 per share, while Cadbury Nigeria shed by 98k to finish at N15.1k per share.

FBN Holdings fell by 52k to close at N12.50k per share, while NASCON declined by 50k to end at N19.50k per share.

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Conversely, Nestle topped the gainers’ chart, appreciating by N3.89k to close at N1475 per share. Nigerian Breweries soared by N2.99k to finish at N147.99k per share, while CCNN appreciated by 60k to end at N17.90k per share.

Lafarge added 52k to finish at N52.50k per share, while PZ Cussons blew by 29k to expand to N23.79k per share.

Transcorp led the activity chart, selling a total of 91 million shares worth N178.2 million, and was followed by Skye Bank, which sold 83.3 million shares valued at N117.5 million.

FBN Holdings traded 60.7 million shares for N754.4 million, Unity Bank transacted 43.9 million equities for N58 million, while FCMB exchanged 38.6 million units at N118.5 million.

 At the close of trading, volume and value of stocks transacted by investors toppled by 27.3 percent and 32.4 percent. A total of 536.4 million shares were traded today in 7,370 deals worth N5.2 billion against 737.9 million equities worth N7.7 billion valued at 8,927 deals.