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Published On: Thu, Dec 14th, 2017

Profit taking drags equities market down

The Nigerian Stock Exchange

The All Share Index (ASI) of The Nigerian Stock Exchange (NSE) was down -1.00 per cent on back of profit taking by investors.

The bourse closed at 38,534.64 basis points against Tuesday’s 38,924.63 and its year-to-date returns to stand at 43.39 per cent.

The equities market hits the 39,000 mark last week and attained three year high last week Thursday.

“The market returned 3.5% in the week under review, though we had some profit taking. I believe the market will sustain its current uptrend, though at reduced momentum, as most investors are in until the release of year end results and benefit declarations in March/April 2018 when investors will react to earnings releases,” Andrew Esene, Associate, Corporate Finance, Futureview Financial Services Ltd, told Business Hallmark in a text message.

READ  Emefiele dismisses fears over MPC meeting, insists economy is strong

The bearish trend the market recorded on Tuesday was underpinned on the banking sector index, which declined -2.24 per cent to close 474.48 basis points.

Nestle, Mobil and Guinness were there the day’s top gainers, gaining N2.40, N1.50 and N1.15 respectively.

On the other hand, NB, Presco and Wapco emerged the top losers, losing –N3.67, -N3.41 and –N2 respectively.

Market turnover declined -29.98 per cent from 31.97 per cent in the previous session to close at N13.42 trillion.

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