Trading at the Nigerian stock market resumed on a negative note yesterday as profit-taking and losses by some highly capitalised stocks depressed the
Having climbed on the back of high expectations for half year results to post an impressive 2.0 per cent growth last week, some operators had envisaged the market would sustain the momentum.
However, that was not to be as some investors decided to lock in profits recorded in equities last week. Consequently, the ASI declined by 0.64 per cent, while market capitalisation shed N90 billion to close at N14.119 trillion.
But the decline of N5 or two per cent in the share price of
According to the NSE, the inclusion of
Another stock that is experiencing profit taking is Seplat. The stock had appreciated from listing price of N576 last April to N720 last Friday. That growth translated into 25 per cent capital gain.
In all, 30 stocks appreciated compared to 23 that appreciated in value. Despite the high price losers, volume and value of trading rose by 62 and 39 per cent respectively as investors exchanged 460.229 million shares valued N4.509 billion in 5,215 deals.
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