Profit taking drags Equity Market Down 1.49%

The Nigerian Equity Market reversed the previous day gain as it declined 1.49 per cent on the back of decline in six out of seven sectors, especially the oil and gas and industrial sectors on Wednesday.

The All Share Index (ASI) dipped 519.31 absolute points, representing 1.49 per cent decrease to close at 34,414.37 points, while the Market Capitalization shed N189.59 billion to close at N12.56 trillion.

The decline was driven by losses recorded in medium and large capitalized stocks led by Seplat which lost -7.23 per cent of its value, Flour Mill (-3.64 per cent) and Dangote Cement (-3.04%).

Forte Oil lead gainers chart, rising 5.26 per cent to N20, followed by International Breweries and Nigerian Breweries, which appreciated 3.13 per cent and 0.54 per cent respectively.

The banking sector was the most active with UBA emerging most traded stock, trading 22,483,737 units worth N180.35 million. A total of 200.29 million shares were sold for N2.16 billion on Wednesday.

The bourse which posted 42 per cent return last year has declined over 17 per cent year-to-date and is the fourth worst performed exchange globally in the last six months.