Profit taking persisted on the Nigerian Stock Exchange (NSE) on Thursday with many investors resorting to profit taking due to increased political uncertainties.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Limited, told the News Agency of Nigeria (NAN) in Lagos that investors had developed ‘wait and see’ attitude due to the intrigues surrounding the 2019 general election.
Omordion said the political uncertainties had continued to dampen investors’ confidence taking its toll on the equities market.
He described the development as normal, urged investors not panic as the stock market all over the world reacts to political and economic activities.
He, however, enjoined investors to take advantage of the development to increase their stake in equities with strong fundamentals.
Meanwhile, the crucial market indices dropped by 0.76 per cent with market capitalisation losing N101 billion to close at N13.211 trillion against N13.312 trillion on Thursday.
Also, the All-Share Index which opened at 36,748.18 shed 278.13 points or 0.76 per cent to close at 36,470.05.
Guaranty Trust Bank led the gainers’ chart, gaining N1.45 to close at N38 per share.
Dangote Sugar Refinery followed with a gain of N1.20 to close at N19.50, while Oando gained 45k to close at N5.20 per share.
Eterna Oil added 40k to close at N6.90, while NASCON gained 25k to close at N20.25 per share.
Conversely, Nestle topped the losers’ chart for the day, shedding N84.70 to close at N1442.30 per share.
Nigerian Breweries trailed with a loss of N2.40 to close at N106.80, while International Breweries lost N1.80 to close at N39. 20 per share.
Zenith International Bank was down by N1 to close at N22.95, while UACN dipped by 75k to close at N13.25 per share.
NAN reports that a total of 296.59 million shares worth N4.86 billion were transacted by investors in 3,684 deals.
This was in contrast with 181.28 million shares valued at N1.64 billion achieved in 3,854 deals on Wednesday.