Equity market dips on profit taking, down 1.00%

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The Nigerian Stock Exchange All Share Index depreciated yesterday by 1.00 per cent to close at 38,534.64 points, compared with the marginal appreciation of 0.03 per cent recorded.

Accordingly, market capitalisation fell by N135.8bn to N13.42 trillion. Price depreciations in large cap stocks – Guaranty Trust Bank (-4.8%), Zenith Bank (-3.9%), Nigerian Breweries (-2.6%) and Dangote Cement (-0.5%) were the major drags to market performance.

Similarly, activity level waned as volume and value traded declined 30.0 per cent and 83.6 per cent to 323.9m units and N4.4 billion respectively.

Sector performance was largely bearish as all indices save for the Oil & Gas index which appreciated 0.1 per cent following gains in Mobil (+0.9%), closed in the red.

The Banking index depreciated the most, down 2.2% on the back of losses in Guaranty Trust Bank (-4.8%) and Zenith Bank (-3.9%). The Industrial Goods index trailed, falling 1.7 per cent as investors took profit in Dangote Cement (-0.5%) and Lafarge Cement WAPCO (-4.3%).

Similarly, price depreciations in Nigerian Breweries (-2.6%) and Cadbury Nigeria (-5.0%) dragged the consumer goods index 0.5 per cent lower. In the same vein, the Insurance index trended 0.1 per cent southwards due to losses in Linkage Assurance (-3.2%).

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