Stock Market Value Falls By N426billion on Intense Profit Taking

Investors’ desire to take profit as trading resumed at the Nigerian Stock Market after the Democracy Day Holiday, saw market value losing N426 billion on Tuesday, May 31.

The investors’ decision came on the heels of the N648 billion profit the market gained last week when it sustained bullish trend throughout the week’s five trading days.

As a result of the profit-taking,  market capitalization closed 4.29 per cent lower at an approximated N9.501 trillion.

With the bear run, 40 declining stocks emerged against 16 gainers and traded volume falling by 46.08 per cent. However, value traded struggled to inch up by 11.8 per cent.

The session ended May trading with investors exchanging 335.057 million shares valued at N3.146 billion in 4,301 deals as against the 621.446 million units of shares worth N2.814 billion that exchanged hands in 5,802 trades at the close of the previous session on Friday.