Profit-taking drags Nigerian equity market down 0.10%

By FELIX OLOYEDE

Profit-taking by investors caused the Nigerian Stock Market to reverse the precious day’s gain on the back of losses suffered by MTN, Nestle, GTBank and 6 others.

The All Share Index (ASI) declined 25.71 absolute points on Tuesday, representing a decline of 0.10 per cent to close at 26,375.35 points.

Also, the Market Capitalization lost N12.51 billion, representing a dip of 0.10 per cent, to close at N12.84 trillion.

LAWUNION gained 9.52 per cent to top 16 other equities, while UAC-PROP shed -9.35 per cent to emerge the top loser among eight declines.

The volume of equities investors traded declined 17.4 per cent to 304.3 million units, while value traded rose 44.2 per cent to N4.0 billion.

LAWUNION was the most active stocks by volume with investors exchanging 70.4 million units of stocks valued at N29.57 million, while MTNN emerged most active by value with  7.14 million units worth N886.48 million traded.

The Nigerian equity market return this year worsened to -16.1 per cent on Tuesday.