Investors on the Nigerian Stock Exchange took profit Tuesday, ending an 11-day bull-run that had marked NSE’s best start to any year since 2013, at least.
The market declined 1.18 percent in the day’s trade after investors sold blue-chip stocks, including Dangote Cement, and MTNN.
“There was an impeding slow-down on the back of profit-taking activities. This is nothing to worry about,” said Gbolahan Ologunro, equity analyst at Lagos-based CSL Stockbrokers Ltd. “The market will likely decline tomorrow and the day after, with the possibility of bargain hunting by Friday.”
MTNN declined by 2.66 percent after a record maximum gain Monday while Dangote Cement shed 1.16 percent with newcomer BUA also down in the day.
NSE’s year-to-date return is now at 9.09 percent.
