NSE indices resume with 0.40 percent loss amid profit taking

Activities on the nation’s bourse resumed for the week on Monday on downward posture, with crucial market indices shedding 0.40 percent.

Specifically, market capitalisation which opened at N13.606 trillion, lost N54 billion or 0.40 percent to close at N13.552 trillion against N13.606 trillion on Friday.

Similarly, the All-Share Index dipped 110.81 points or 0.40 per cent to close at 27,808.69 compared with 27,808.69 achieved on Friday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, among which were; Nigerian Breweries, MTN Nigeria, NASCON, C&I Leasing and Flour Mills Nigeria.

Analysts at APT Securities and Funds Limited said “we retained our cautious trading advice in the short run.

However, accumulation of fundamentally justified and dividend paying stocks for mid to long term is recommended.”

Market breadth closed negative, 14 stocks posted gains, while 19 stocks posted declines.

Africa Prudential recorded the highest price gain of 8.82 percent to close at N3.70 per share.

United Bank for Africa (UBA) followed with 8.18 percent gain to close at N5.95, while Ikeja Hotel appreciated by 6.57 percent to close at N1.46 per share.

Sovereign Trust Insurance went up by 4.76 percent to close at 22k, while UACN appreciated by 3.70 percent to close at N5.60 per share.

Conversely, NASCON led the losers’ chart by 10 percent to close at N13.50 per share.