PROFIT TAKING DRAGS DOWN INDICES AT NSE

The recent upbeat recorded by major indicators in the equity sector of the capital market was halted on Tuesday, as a result of profit taking by investors on stocks in the food/beverages subsector and other major blue chips.

At the close of trading activities, a total of 955.73 million shares, valued at N6.67bn were exchanged in 12,054 deals, in contrast to a total of 932.60million shares, worth N5.99bn in 15,310 deals recorded the previous day.

Total Nigeria Plc led 60 other stocks on the gainers' chart, rising by five per cent or N7.98 to close at N167.73 per share. Mobil Nigeria Plc and Oando Plc followed on the chart, gaining five per cent to close at N130.83 and N110.25 per share respectively. Nestle Nigeria Plc gained 0.8 per cent or N2.32 to close at N300.10.

On the other hand, Flour Mills Nigeria Plc led the 42 companies on the losers chart, shedding five per cent or N3.82 to close at N72.67 per share. PZ Cussons Nigeria Plc also recorded a five per cent or N1.64 to close at N31.26 per share, while Glaxo Smithkline Plc lost 4.9 per cent or N1.38 to close at N26.63 per share.

The Nigerian Stock Exchange's All Share Index fell by 1.26 per cent or 351.52 points to close at 27,578.34 basis points, from 27,929.86 basis points on Monday.

Similarly, the market capitalisation of the listed equities also dropped by 1.26 per cent or N85bn from N6.756tn to N6.671tn on Tuesday.

The Banking Index dropped by 2.87 per cent or 13.15 points to close at 445.25 basis points, from 458.40 basis points. Turnover was driven by trading in the banking sub-sector, as it accounted for 29 per cent of total turnover. Trading in the shares of Zenith Bank Plc drove volume in the sub-sector.

The NSE Insurance Index fell by 0.98 per cent or 2.06 points to close at 208.12 basis points, from 210.18 basis points at which it closed with the preceding day.

The insurance sub-sector followed on the activity chart, accounting for 25 per cent of total turnover.