Eq­uity mar­ket records first loss in Au­gust, down by 0.11%

Daily Trust - - BUSINESS -

The Nige­rian Stock Ex­change (NSE) on Thurs­day recorded the first loss in the month of Au­gust with the mar­ket in­dices drop­ping by 0.11 per cent due to profit tak­ing.

The News Agency of Nige­ria (NAN) re­ports that the mar­ket cpaital­i­sa­tion shed N14 bil­lion or 0.11 per cent to close at N13.133 tril­lion com­pared to N13.147 tril­lion achieved on Wed­nes­day.

Also, the All-Share In­dex lost 41.17 points or 0.11 per cent to close at 38,102.85 as against 38,144.02 recorded on Wed­nes­day due to sell pres­sure.

Mar­ket an­a­lysts had pre­dicted that the mar­ket would likely ex­pe­ri­ence mixed per­for­mance due to re­align­ment of price oc­ca­sioned by profit tak­ing.

Al­haji Rasheed Yusuuf, the Man­ag­ing Direc­tor, Trust Yield Se­cu­ri­ties Ltd., told NAN that profit tak­ing was part nor­mal mar­ket trans­ac­tions.

Yus­suf said that profit tak­ing would oc­cur once in a while, not­ing that the mar­ket up­beat would be sus­tained due to strong fun­da­men­tals and favourable eco­nomic cli­mate.

NAN re­ports that To­tal topped the losers’ chart, shed­ding N11 to close at N249 per share.

Forte Oil trailed with a loss of N5.78 to close at N53.76 and Dan­gote Sugar Re­fin­ery de­clined by 69k to close at N12.57 per share.

Zenith In­ter­na­tional Bank de­pre­ci­ated by 50k to close at N24 per share.

Con­versely, Nes­tle main­tained its lead­er­ship, top­ping the gain­ers’ ta­ble with a gain of N16.01 per share. (NAN)

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.