The Nigerian stock index further dropped by 0.49 percent yesterday after trading at the Nigerian Stock Exchange (NSE). Market watchers foresee continuation of this losing spree today as profit taking activity is likely to persist.
Equities trading at the Customs Street commenced after the Securities and Exchange Commission (SEC) board rang the opening bell. Except for NSE banking and NSE insurance indexes, other indexes suffered losses.
For instance, the NSE 30 Index which measures the performance of blue-chip stocks dropped from 1,575.32 to 1,569.48. Blue-chip stocks like Price decline in major capitalized stocks including Guinness, Dangote Cement, Total, Cadbury, and Ashaka Cement supported the southward profile.
NSE Consumer Goods Index was down from 966.80 to 963.39. NSE Banking Index rose from 409.15 to 413.04. NSE Insurance rose slightly from 147.34 to 148.52. NSE Oil/Gas Index dropped from 189.75 to 189.28; while NSE Lotus Islamic Index dipped from 2,135.44 to 2,113.31.
Investors lost about N52 billion after the value of stocks at the Nigerian bourse dropped from N10.542trillion to N10.490 trillion.
Also, activities of profit takers at the stock market further weighed equities resulting to decline in All Share Index (ASI) which closed yesterday at 32,784.56 points against 32,947.13 points at the beginning of this week. In 6,233 deals, traders exchanged 473,580,354 shares valued at N4.035billion.
Investors in the shares of Okomu Oil Palm plc had cause to smile after the company’s share price rallied from N53.55 to N55, gaining N1.45 to lead the gainers chart; while NewGold Exchange Traded Fund (ETF) dipped most from N2,418 to N2,400, losing N18. Transactions in the shares of Custodian and Allied Insurance plc, FCMB plc, UBA plc, Diamond Bank plc, and Fidelity Bank plc boost market volume.