Home Business Equities market closes negative over profit-taking in Dangote Cement, 14 others

Equities market closes negative over profit-taking in Dangote Cement, 14 others

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The equities market of The Nigerian Stock Exchange (NSE) depreciated on Thursday on the resumption of trading after the federal government had declared Wednesday a democracy celebration.

Profit-taking in Dangote Cement Plc, and 14 others shares down the equities market, following investors sentiment trading.

The share price of Dangote cement dropped by 1.08 per cent or N2.00 to close at N183.00 from N185.00 while Zenith Bank share price dwindled by 0.25 per cent or N0.05 to N20.10 from N20.15 it opened for trading on Thursday.

Dangote sugar plc ‘s share price also depreciated by 2.73 per cent or N0.03 to N10.70 from N11.00. Among the top losers are C& I leasing, dropping 9.87 per cent or N0.69  to close at N6.30 while NPF microfinance bank depreciated by 9.72 per cent or N0.14 to close at N1.30 on Thursday.

This led the equities market to a losing streak tempo as Index closed at 30,029.15basis points on Thursday from 30,099.83 basis points it opened for trading while the market capitalization down by N31 billion to N13.227trillion.

On the gainers chart, Glaxosmith top the chart after appreciating by 9.15 per cent or N0.70 to N8.35 from N7.65 while May & baker rose by 6.33 per cent or N0.14 to N2.35 while Mutual Benefit gained five per cent or N0.01 to N0.21 from N0.20 on Thursday.

Investors take keen interest in Oando Plc share on Thursday as the indigenous oil & gas company share rose by 1.33 per cent or N0.05 to N3.80 per share.

With the decline in major market indicators, the all sector indices closed downbeat with the exception of NSE Banking Index, NSE Insurance Index, NSE Consumers Goods index and NSE Oil & Gas Index with a gain of 0.09per cent, 0.07per cent, 0.02per cent and 0.22per cent.

Volume of trades stood at 243million shares in contrast to 233 million shares (3.93per cent) increase while value recorded 5.96 billion naira as against N3.52billion, representing 69.19pepr cent increase from their previous trading levels.

Transactions in the shares of Guaranty Trust Bank Plc, Zenith Bank Plc, United bank for Africa (UBA), ETI and MTN Nigeria topped the activity chart as most traded equities as measured by volume.

“We retain our cautious trading advice in the short run. However, accumulation of fundamentally justified and dividend paying stocks for mid to long term is recommended.,” analysts at APT securities explained.

 

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