NSE trading sustains downward trend, indicators down by 0.34%

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Activities on the Nigerian Stock Exchange (NSE) on Wednesday sustained a downward posture with the market indicator dropping further by 0.34 per cent, due to profit taking.

The News Agency of Nigeria (NAN) reports that the All-Shares Index shed 123.78 points or 0.34 per cent to close at 36,652.82 in contrast with 36,776.60 posted on Tuesday.

In the same vein, the market capitalisation lost N43 billion or 0.34 per cent to close at N12.616 trillion against N12.659 trillion achieved on Tuesday.

Market analysts attributed the development to bargain-hunting embarked upon by some investors, to take advantage of growth posted by the market recently.

They stated that the market would bounce back with third quarter earnings expectations in spite the profit-taking.

Nigerian Breweries topped the losers’ table with a loss of N4.90 to close at N164 per share.

Stanbic IBTC trailed with a loss of 95k to close at N40.05 and United Bank for Africa was down by 16k to close at N9.18 per share.

Vitafoam depreciated by 14k to close at N2.66 and Dangote Sugar Refinery dropped by 12k to close at N13.65 per share.

Conversely, Seplat led the gainers’ table, increasing by N7.51 to close at N480 per share.

Nestle followed with N2.92 to close at N1,233.12, while Cement Company of Northern Nigeria (CCNN ) appreciated by 86k to close at N10.18 per share.

Guinness added 75k to close at N99.25 and Redstar grew by 24k to close at N5.16 per share.

NAN reports that investors bought and sold 336.39 million shares, valued at N1.83 billion exchanged in 3,689 deals against 353.19 million shares worth N3.26 billion traded in 4,201 deals on Tuesday.

The banking stocks maintained leadership as most sought with Diamond Bank emerging investors’ delight, trading 230.56 million shares worth N230.24 million.

Skye Bank followed with an account of 13.44 million shares, valued at N6.77 million and Zenith Bank sold 10.49 million shares worth N265.77 million.

Fidelity Bank traded 9.67 million shares valued at N13.39 million and FBN Holdings traded 9.14 million shares worth N55.52 million.

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