PROFIT TAKING DRAGS DOWN INDICES AT NSE

The downward trend recorded by major indicators in the equity segment of the capital market continued on Tuesday, as a result of profit taking by investors on the stocks of some major blue chip stocks.

At the close of trading activities, a total of 259.17 million shares, valued at N2.39bn were exchanged in 6,122 deals, in contrast to a total of 309.21 million shares, worth N2.41bn recorded in 6,212 deals the previous day.

Nigerian Bottling Company Plc led 18 other stocks on the gainers' chart, rising by five per cent or N1.50 to close at N31.50 per share. Northern Nigeria Flour Mills Plc followed with an increase of 4.98 per cent or N1.99 to close at N41.97 per share. Union Bank of Nigeria rose by 4.94 per cent or 22 kobo to close at N4.67 per share.

On the other hand, Cutix Plc led the losers' chart, down by five per cent or 11 kobo to close at N2.09 per share. Vitafoam Nigeria Plc also recorded a five per cent or 31 kobo loss to close at N5.89 per share, while Julius Berger Plc lost five per cent or 45 kobo to close at N8.55 per share.

The Nigerian Stock Exchange's All-Share Index fell by 0.59 per cent or 147.39 points to close at 24,638.17 points, from 24,785.56 points recorded on Monday.

Similarly, the market capitalisation of the listed equities also dropped by 0.59 per cent or N47bn from N7.92tn to N7.87tn on Tuesday.

The Banking Index dropped by 1.31 per cent or 5.06 points to close at 381.16 points, from 386.22 points on Monday.

Turnover was driven by trading in the banking sub-sector, as it accounted for 61.4 per cent of total turnover. Trading in the shares of United Bank for Africa Plc and Guaranty Trust Bank Plc drove volume in the sub-sector.

The NSE Insurance Index fell by 0.37 per cent or 0.59 points to close at 160.71 points, from 160.12 points the preceding day. The insurance sub-sector followed on the activity chart, accounting for 20 per cent of total turnover.