In line with market watchers views, Nigeria’s stock market dipped by 0.47 percent at the close of trading session on Wednesday June 10 as investors chose to take profit on recent gains.

Investors were earlier this week advised to trade cautiously and seek trading opportunities in only fundamentally justified stocks. Profit taking in a stock like BUA Cement Plc impacted on its price which moved from N43.2 to N41.5, losing N1.7 or 3.94 percent.

Also, the share price of UACN Plc dipped from N8.25 to N7.5, shedding 75kobo or 9.09percent. Guinness Nigeria Plc decreased from N18 to N17.5, losing 50kobo or 2.78percent.

C&I Leasing Plc almost made the top decliners list after its share price moved N5.3 to N4.8, shedding 50kobo or 9.43percent while Zenith Bank dipped from N16.9 to N16.6, down by 30kobo or 1.78percent.

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The Nigerian Stock Exchange (NSE) All-Share Index (ASI) decreased to 25,215.04 points at the close of trading as against preceding trading day high of 25,335.15 points.

Equities market value decreased to N13.153trillion from preceding day high of N13.171trillion. It lost N18billion. In 3,978 deals, equity dealers exchanged 266,649,776 units valued at N3.183billion.

The market has increased by 0.79 percent this week, while this month it has declined by 0.21 percent. The market’s negative return year to date stood at -6.06 percent.

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By Iheanyi Nwachukwu • June 11, 2020

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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