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Profit-taking persists at Stock Market

By on November 28, 2013

The bearish trend continued Tuesday at the stock market for the second day  as investors continued to take profit after days of price rally.
Following a bull run that boosted many equities, some investors moved in to lock in part of the profits realised from the bullish trading. The supply pressure saw the market capitalisation of the Nigerian Stock Exchange (NSE) fall by N8billion on the first day of the week.
The market capitalisation recorded a higher decline yesterday, shedding N76billion to close lower at N12.466 trillion, while the NSE All-Share Index depreciated by 0.63 per cent to close at 38,975.16.
The bears had a total control of the market as 34 stocks, comprising mostly blue chips, dipped in value compared with 22 socks that appreciated.  Transcorp Plc, which had  led the price losers the previous day, maintained the number one  position on the chart yesterday. The equity went down by 9.6 per cent to close at N4.80 per share.
Similarly, Unity Bank Plc, which closed as the second highest loser the previous day,  maintained that position yesterday, losing 9.2 per cent at N0.59 per share.
Eterna Plc, R.T. Briscoe Nigeria Plc, Livestock Feeds Plc and United Bank for Africa Plc shed five per cent, 4.9 per cent, 4.8 per cent and 4.4 per cent respectively. Highly capitalised stocks such as Dangote Cement Plc, Nigerian Breweries Plc, Guaranty Trust Bank were also among the price losers for the day.
Many of the sectoral indices declined, indicating the broad-based sell-off in the market. However, the oil/gas and banking indices recorded the highest depreciation of 0.82 per cent and 0.47 per cent respectively.
Analysts at Meristem Securities Limited said the profit-taking might persist for a few more days. However, they are optimistic that large cap stocks may serve as  buffers for the market to close positive in the week.
Meanwhile, investors traded 499 million shares worth N4.807 billion in 6,247 deals, compared with 545.251 million shares valued at N3.974 billion exchanged in 5,929 the previous day.

 

 

 

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