Indices slide further on the Exchange amid profit taking

Heavy price losses incurred by major highly capitalised companies, yesterday, pulled market capitalisation by N158 billion, even as investors continued to take profit from gains made previously from stocks.

Specifically, at the close of trading yesterday, virtually all the highly capitalized stocks depreciated in price, with Nestle leading the losers’ chart with 17.00 kobo to close at N650.00 per share. Dangote Cement followed with 6.17 kobo to close at N139.83 per share.

Guinness lost 5.38 kobo to close at N115.42 per share. Unilever dropped 1.47 kobo to close at N27.98 per share. Ashaka cement lost 1.00kobo to close at N24.00 per share.
Nigerian Breweries, Northern Nigeria flourmills, Guaranty Trust Bank shed 0.95kobo, 0.70 kobo and 0.48 kobo to close at N95.08,N6.65 and N16.18 per share.

Zenith Bank lost 0.19 kobo to close at N11.40per share. Oando shed 0.18 kobo to close at N3.60 per share. FBN Holdings lost 0.12 kobo to close at N3.79 per share.

Cement Company of Northern Nigeria and National Salt Company of Nigeria also dropped 0.11 kobo and 0.10 kobo to close at N9.00 and N7.00 per share.

Dangote Sugar shed 0.10 kobo to close at N5.50 per share. UAC-Properties shed 0.07kobo to close at N5.23 per share. First City Monument Bank also dropped 0.04 kobo to close at N0.86 per share.

Consequently, the All-share index slide by 458.79 points or 1.9 per cent from 24,514.91 recorded on Tuesday to 24,056.12 while market capitalization depreciated by N158 billion or 1.9 per cent from N8,431 trillion to N8,273 trillion.

On the other hand, Seplat led the gainers chart with 13.06 kobo to close at N274.37 per share while EcobankTransNtional Incorporated followed with 0.25 kobo to close at N15.00 per share. Nigerian Aviation Handling Company added 0.17 kobo to close at N3.70 per share.

Stanbic IBTC and NPF microfinance Bank garnered 0.15 and 0.05 kobo to close at N14.15 and N1.08 per share.May&Baker and Access Bank gained 0.04 kobo to close at N0.88 and N4.14 per share respectively.
NEM insurance also added 0.03 per cent to close at N0.74 per share.

The banking sub-sector dominated in volume terms with 114million shares worth N561 million followed by the mortgage carriers subsector with 108 million units valued at N54 million.

The insurance subsector ranked third with 12 million units worth N9.3 million.
The banking subsector was boosted by activities in the shares of United Bank for Africa with 82 million shares worth N248 million while Guaranty Trust Bank followed with 16 million units worth N269 million.

The mortgage carriers subsector was driven by activities in the shares of Resort Saving & Loans with 108 million units worth N54 million.

On the whole, investors exchanged 335 million shares worth N1.9 million in 2, 847 deals.