Equities shed N97bn as investor take profit on recent gains

Nigeria’s equities market lost about N97billion at the close of trading session on Wednesday, February 2 as investors moved into Custom Street, Lagos for profit-taking on recent gains.

As buy-side interest reduced on the Bourse, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) decreased by 0.38percent, from 47,111.21 points to 46,930.66 points while the value of listed stocks on the Nigerian Exchange decreased from N25.386trillion to N25.289billion. The market’s year-to-date (YtD) positive return decreased to 9.87percent on Wednesday.

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Courteville Business Solutions dipped most, from 58kobo to 54kobo, down by 4kobo or 6.90percent. Caverton also dipped from N1.62 to N1.52, losing 10kobo or 6.17percent.

May & Baker share price dropped from N4.54 to N4.27, down 27kobo or 5.95percent. FTN Cocoa decreased from 38kobo to 36kobo, shedding 2kobo or 5.26percent.

Fidelity Bank, Transcorp, Courteville Business Solutions, Zenith Bank and GTCO were most traded stocks. In 5,878 deals, securities dealers exchanged 434,946,390 shares valued at N6.260billion.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. 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).