Nigeria’s stock market dips by 0.26% as investors take profit

Nigeria’s equities market closed in red ( – 0 . 2 6 p e rcent) on Wednesday as investors moved to take profit following six consecutive sessions of gains.

Topmost among the stocks that were on offer include Nigerian Breweries Plc, Chemical and Allied Products Plc, Gtbank Plc, and Northern Nigeria Flour Mills Plc.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased to 35,056.82 points from 35,147.62 points the preceding trading day while the value of listed stocks decreased from N18.364 trillion to N18.322trillion, down by N42billion.

The market’s positive return year-to-date (YTD) dipped to +30.60 percent at the close of trading session on Wednesday December 2.

In 4,598 deals, investors exchanged 368,966,347 units valued at N5.490billion. Access Bank, FBN Holdings, Zenith Bank, Gtbankn and Dangote Sugar Refinery were actively traded.

Read Also: Buhari to honour House of Representatives invitation over insecurity

“With most bellwether stocks closing the last few sessions higher, the domestic bourse saw a bit of profit taking today (on Wednesday), as investors took advantage of recent gains across sectors.

“We expect a mixed trading pattern tomorrow (Thursday), with continued profit taking in some tickers while some investors are expected to start taking positions in some fundamentally sound stocks due to recent prices”, Lagos-based Vetiva research analysts said in their December 2 note.

Shares of Nigerian Breweries Plc dipped most on the Bourse, from N60.25 to N56, losing N4.25 or 7.05percent, followed by Chemical and Allied Products Plc which declined from N21.5 to N20, losing N1.5 or 6.98percent, while Gtbank declined from N35 to N34.1, down by 90kobo or 2.57percent.

Skip to toolbar