Markets

Nigerian stocks slow for first time in 5 days on profit taking

by BUNMI BANJO

May 22, 2017 | 4:34 pm
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Nigerian stocks fell for the first time in five days on Monday, May 22, after investors locked in gains from last week’s price rally.

The All Share Index (ASI) shed 35.08 points or 0.12 percent, to close at 28,078.30 points, following an opening of 21,113.38 points, while the Year-to-Date (YtD) return stood at 4.47 percent.

The top gainers were Seplat Petroleum Development Company Plc, Total Nigeria Plc, Nestle Nigeria Plc, PZ Cussons Nigeria Plc, Okomu Oil Palm Plc, as 27 stocks advanced against 17 losers.

Tajudeen Ibrahim, head of research at Chapel Hill Denham, said the drop was as a result of profit taking.

Stocks are however likely to fare better in the coming days, according to Ayodeji Ebo, acting managing Director of Afrinvest Securities Limited.

“Before the end of the week they will pick up again. Trading will do well on the back of renewed interest from foreign investors following the creation of the Investor and Exporter Window. Hopefully, the interest is sustained,” Ebo said.

Analysis on the NSE shows that Seplat’s share price gained 5% from N367.5 to N372.7, while Total’s share price gained 1.88% to N270 from N265.

Nestle ranks third in the pack of gainers with a 0.12% increase in its share price from N835 to N836.

Meanwhile, PZ’s shares gained 5% to N18.9 from N18 and Okomu gained 1.8% to N50.9 from N50.

Nigerian Breweries led the pack of decliners with a loss of 2.17% from N143.96 to N140.84.

Presco Plc came second on the list of decliners dropping 2.04% of its Share price which opened at N49 to close at N48, Cadbury Nigerian Plc also lost 4.98% of its share price which opened at N10.65 to close at N10.12 followed by Ecobank Transitional Incorporated Plc which lost 5% to close at N9.31 from N9.8 per share and UACN Plc loss 2.28% to close at N14.56 from N14..9 Per share.

The financial services also had the top trades by the close of trading on Monday, with Diamond Bank Plc and Zenith Bank Plc taking the lead.

Diamond Bank Plc’s shares had the most trades with 36.88million units traded for a total value of N34.328million. Zenith Bank Plc followed closely, with 29.85million units traded to a tone of N534.056 million.

Guaranty Trust Bank Plc followed with great disparity with 22.13millon units traded for a total value of N708.45million, United Bank for Africa Plc followed with 21.907 million units traded for a total N158.630million. FBN Holdings Plc traded 15.526 million units for the total value N63.23million.

A total of 3,498.00 deals where sealed to the tone of N3.73 billion for a total of 208.33million shares, while the equities market capitalization closed at N9.70trillion.

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by BUNMI BANJO

May 22, 2017 | 4:34 pm
12893  |   93   |   0  |   Start Conversation

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