Profit Taking on Second Trading Day Costs Stock Market N92billion

The Nigerian stock market has shed N92 billion on the second trading day of the year, Tuesday, January 5, due to profit taking.

The market capitalization which opened at N9.757 trillion, slumped by N92 billion, to close at N9.665 trillion, yesterday.

Similarly, the All-Share Index depreciated by 268.18 points or 0.95 per cent to close at 28,102.14 on Tuesday.

Analysts at the United Capital said bargain hunting is expected to greet the market this week as investors take position on low-priced stocks with significant upside potential coupled.

“However, pockets of selling on the back of recent gains will likely offset gains in the week with the benchmark likely to close marginally negative,” they said.

Market breadth closed negative with 15 gainers and 28 laggards recorded. ETI recorded the highest price gain by 5 per cent or 84 kobo, to close at N17.64 per share. Fidelity Bank gained by 4.83 per cent or 7 kobo to close at N1.52, while Livestock appreciated by 4.51 per cent or 6 kobo to close at N1.39 per share.

Africa Prudential leaped by 3.17 per cent to close at N2.60, while CCNN appreciated by 3.11 per cent to close at N9.96 per share.


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