Profit taking persisted as equity transactions on the trading floor of the Nigerian Stock Exchange (NSE) continued on a downward trend yesterday, occasioned by price losses suffered by major highly capitalised stocks, resulting in a further slide in market capitalisation by N54billion.

According to analysts at Afrinvest, “Stock market performance remains largely driven by profit taking after the bullish streak witnessed during the earnings season. Nonetheless, we believe this trend will be reversed on account of bargain hunting in subsequent sessions.”

Yesterday, 26 stocks depreciated in price, led by Mobil Oil, and Jaiz Bank with 5.00 per cent to close at N173.79 and N0.76 per share respectively. Okomu Oil followed with 4.99 per cent to close at N65.64 per share.

Julius Berger shed 4.97 per cent to close at N34.20 per share. First Aluminium dropped 4.76 per cent to close at N0.60 per share. UACN depreciated by 4.56 per cent to close at N14.98 per share.

Morison shed 4.44 per cent to close at N0.86 per share. C&I Leasing dropped 3.64 per cent to close at N1.06 per share. UAC-Properties dipped by 3.00 per cent to close at N2.91 per share, and Linkage Assurance by 2.78 per cent to close at N0.70 per share.

The further breakdown of yesterday’s trading showed that Champion Breweries topped the gainers’ chart with 6.84 per cent to close at N2.50 per share while Neimeth followed with 4.82 per cent to close at N0.87 per share.

Cutix added 4.74 per cent to close at N2.21 per share. May & Baker garnered 4.73 per cent to close at N2.88 per share. Livestock appreciated by 4.44 per cent to close at N0.94 per share.

Custodian and Allied Insurance added 4.40 per cent to close at N3.56 per share. AIICO garnered 3.70 per cent to close at N0.56 per share. Unity Bank added 3.51 per cent to close at N0.59 per share. Union Bank garnered 1.69 per cent to close at N6.00 per share. Fidson also gained 1.59 per cent to close at N3.20 per share.

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