Profit-taking sets in as index declines by additional 2.19%

Market pulse on the Nigerian Stock Exchange (NSE) today- Wednesday April 8 th 2015 was expectedlybearish as profit taking was the other of the day. This was despite Brent crude oil price rising by 48cents at $58.60. The equity market closed red due to negative performances from all the NSE subsectors (consumer, oil & gas, banking and consumer goods).

Trading activities increased in volume asN704.06 million shares worth N4.62 billion in 7,587 deals exchanged hands today. This is a decreasefrom the N581.77 million shares worth N8.31 billion in 7,587 trades carried out on Tuesday.

Toppingin volume terms was Transcorp Plc., FBN Holdings Plc. and Standard Alliance Insurance Plc., while GTBank Plc. and FBN Holdings Plc. ended trading as the most active stocks in value terms.The All Share Index (NSEASI) closed negative with a 2.19% (-766.55) decrease to 34,175.24 from34,941.79 the previous trading day.

Market Capitalization depreciated in tandem to N11.61 trillionfrom N11.87 trillion the prior trading day. The Thisday BGL 50 Index closed also closed negative witha 2.08% decrease to close at 142.15 from 144.55 the previous trading day, while its marketcapitalization stood at N10.58 trillion from N10.80 trillion the previous trading day.A total number of 20 stocks gained on the bourse today while 42 stocks declined, leaving 45 stocksunchanged. Nestle Nigeria Plc. emerged the toast of investors as it topped the Thisday BGL 50 Indexgainers’ list with a gain of 2.04% to close at N100.03 per share.

It was followed by National Salt Co.Nig. Plc. with a gain of 1.28% to close at N7.90 per share. On the decliners’ list, Zenith Bank Plc. ledwith a loss of 9.74% to close at N22.61 per share. It was followed by Oando Plc. with a loss of 9.73%to close at N15.78 per share. Others on the decliners’ list are; UACN Property Development Co.Limited Guaranty Trust Bank Plc. and International Breweries Plc.