Saturday, August 13Inside Business Africa

Index slips further by 0.13% amid sustained profit-taking

Equities transactions on the Nigerian Stock Exchange (NSE), sustained sliding profile yesterday, as profit-taking took a toll, resulting to a further dip in the All Share Index (ASI) by 0.13 per cent.

The ASI decreased by 32.37 absolute points or 0.13 per cent to close at 25,182.67 points. Similarly, the overall market capitalisation lost N17million to close at N13.137trillion.

The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which were; Julius Berger, Nigerian Breweries, UAC of Nigeria (UACN), Lafarge Africa, and Caverton Offshore Support Group.

Analysts noted that the market sustained Wednesday’s decline on profit-taking in stocks that have gained over time. The Chief Operating Officer, InvestData Consulting Limited, Ambrose Omordion, said the mixed trend is likely to continue, but however added that the current undervalued state of the market offers opportunities to position for the short, medium and long-term.

“This is why investors should target fundamentally-sound and dividend-paying stocks for possible capital appreciation going forward.” The market breadth closed slight negative, recording 16 gainers against 17 losers. Neimeth International Pharmaceuticals recorded the highest price gain of 9.83 per cent to close at N2.57 per share. Unity Bank followed with 9.62 per cent to close at 57 kobo, while Associated Bus Company rose by 8.89 per cent to close at 49 kobo, per share.

Japaul Oil & Maritime Services gained 8.70 per cent to close at 25 kobo, and Aiico Insurance appreciated 6.31 per cent to close at N1.18, per share. On the other hand, Caverton Offshore Support Group led the losers’ chart by 10 per cent to close at N2.25 per share. Prestige Assurance followed with 9.09 per cent to close at 70 kobo. Mutual Benefits Assurance lost 8.33 per cent to close at 22 kobo per share.

Oando slipped 7.14 per cent to close at N2.60, and Julius Berger shed 6.59 per cent, to close at N19.85, per share.

However, the total volume traded rose 26.43 per cent to 337.13 million shares worth N3.405billion, traded in 3,880 deals.Transactions in the shares of Guaranty Trust Bank topped the activity chart with 81.207 million shares valued at N2.02billion. Mutual Benefits Assurance followed with 44.835 million shares worth N10.117million, while FBN Holdings traded 25.057 million shares valued at N134.087million.

FCMB Groups traded 15.543 million shares valued at N26.742million, while Caverton Offshore Support Group transacted 14.071 million shares worth N33.883million.

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