Profit taking- Stock market down by N139bn

The Nigerian Stock Exchange (NSE) opened this week on Monday, on the negative note following resumed profit taking after it recorded losses last Friday.

Consequently, the overall performance measures, NSE ASI and market capitalisation, fell by 0.90 per cent, a level it last touched about a month ago.

The fall was due to profit taking by market speculators in the wake of cautious optimism that had pervaded the market following upset in the financial sector.

Consequently, the All-Share Index shed 390.03 basis points or 0.90 per cent to close at 42,737.89 index points as against 43,127.92 recorded last Friday, while market capitalisation of equities depreciated by N139 billion or 0.90 per cent to close lower at N15.337 trillion from N15.476 trillion.

However, a turnover of 517.4 million shares in 5,852 deals was recorded during Monday’s trading, as the banking sub sector of the financial services segment was the most active(measured by turnover volume) with 4224.7 million shares exchanged by investors in 1,781 deals.