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Profit-taking halts bull run at Stock Market

By on July 19, 2014

Profit-taking on high capitalised stocks halted a three-day bullish trading at the stock market yesterday. Consequently, the  Nigerian Stock Exchange (NSE) All-Share Index declined by 0.26 per cent to close at 42,918.55.

The market had maintained a positive momentum since Monday, rising by 4.6 per cent in the process. However, profit taking halted the positive move.

Market operators cited decline in the share prices of GTBank Plc, Forte Oil Plc and Guinness Nigeria Plc as partly responsible for the negative outcome of the trading session.

An analysis of the sectoral indices and performance of the market showed that  the NSE  Oil & Gas Index went down by 1.1 per cent on account of the renewed sell-off on Oando (3.5 per cent) and Forte Oil (0.8 per cent).

The NSE Banking Index fell by 0.9 per cent on the back of losses by  GTBank (3.2 per cent), UBA (1.1 per cent) and ETI (0.9 per cent). The Industrial Index lost  0.2 per cent following a depreciation of 0.7 per cent in share price of Lafarge WAPCO Plc.

However, the  NSE Insurance  Index appreciated by  0.6 per cent on the strength of  3.8 per cent gain by NEM Insurance Plc, 1.8 per cent gain by  Continental Reinsurance (1.8 per cent).

There have been a renewed demand for the shares of Continental Reinsurance Plc. The company recently got a license to open a subsidiary in Gaborone, Botswana. The new company will operate and be known as Continental Reinsurance Company Limited, Gaborone, Botswana.

According to the reinsurance firm, with the new company, it will be able to serve all the countries existing in the South of Africa and the African Indian Ocean Islands including Angola, Mozambique, Botswana, Namibia, Lesotho, South Africa, Madagascar, Swaziland, Malawi, Zambia, Mauritius and Zimbabwe in line with its strategic direction.

Meanwhile,  the volume  and value of  trading to 317.15 million shares worth N3 billion traded in 5,098 deals  the previous day  to 365.252 million shares valued at N4.432 billion in 4,904 deals yesterday.

 

 

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