Nigerian stocks hit new lows on increased profit taking
Nigerian stocks shed 0.90percent on Monday in late trades to drop to new lows as more investors sold off shares. Nigerian Breweries Plc, Lafarge Africa Plc, GTBank Plc, Zenith Bank Plc and Flour Mills Plc were worst hit stocks in Monday’s record loss.
The Year-to-Date return stood at 11.75percent. The Nigerian Stock Exchange (NSE) All Share Index (ASI) closed at 42,737.89 points against the preceding day close of 43,127.92 points. The value of listed equities –Market Capitalisation lost N140billion Monday to close at N15.337 trillion against preceding day close of N15.477 trillion.
The volume of stocks traded decreased by 6.33percent, from 552.39million to 517.43million, while the total value of stocks traded increased by 15.37percent, from N4.49billion to N5.185 billion in 5,852 deals. Actively traded stocks include Skye Bank Plc, FBN Holdings Plc, Jaiz Bank Plc, Transcorp Plc, FCMB Group Plc.
Nigerian Breweries Plc declined from N136.9 to N133, down by N3.9 or 2.85percent; GTBank Plc declined from N48 to N45.6, down by N2.4 or 5percent. Lafarge Africa Plc lost N2 or 3.85percent from N52 to N50. Zenith Bank Plc declined from N30.9 to N29.4, down by N1.5 or 4.85percent; while Flour Mills Nigeria Plc lost N1.1 or 3.37percent, from N32.6 to N31.5.
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