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BUSINESS & ECONOMYCapital MarketCOVERNEWSLETTER

Market Capitalization Drops N56billion On Intense Profit Taking

Nigerian Stock Market

Intense profit taking by traders and speculative investors rocked activities on the floor of the Nigerian Stock Exchange, NSE, on Tuesday, May 17.

The market capitalization which opened at N9.229 trillion, decreased by N56 billion, to close at N9.173 trillion, yesterday.

Analysts said strong profit taking on the following capitalized stocks, Forte Oil, Zenith Bank, Total, Guaranty Bank and Dangote Cement impacted on the market negatively.

They also noted that after three consecutive days of uptrend, the local bourse halted gains, as investors who have benefited from a recent rally took profit yesterday.

Market breadth weakened with 14 gainers and 31 losers.

 

 

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