Profit taking drags equity market down by N7bn

Investors profit taking has impacted negatively on the domestic equity yesterday as the market depreciated further by N7 billion.

The trading result showed that market capitalisation of listed equities decreased by 0.03 per cent to N27.276 trillion from N27.283 trillion reported the previous day.

The NGX All Share Index also depreciated by 12.67 basis points to 50582.30 points from 50594.97 points recorded on Wednesday.

Investors traded 130.445 million shares valued at N1.622 billion in 3993 deals against 121.160 million shares cost N4.168 billion exchanged hands in 4369 deals.

An analysis of the investment indicated that PZ Cusson led gainers table during the day , improving by 10.00 per cent to N9.35 Honey Well Flour followed with a gain of 9.64 per cent to N2.73, Stanbic IBTC gained 9.15 per cent to N31.00 Wapic Insurance dipped by 8.11 per cent to N0.40, Sovereign Insurance up 8.00 per cent to N0.27.

On the contrary, Multiverse topped losers chart dropping by 10.00 per cent to N1.71, Lasaco Insurance trailed with a loss of 7.07 per cent to N0.92, FTNCocoa down by 6.25 per cent to N0.30, BUACement dropped by 4.51 per cent to N58.25, Unity Bank dipped by 4.44 per cent to N0.43.

The result further showed that AIICO Insurance was most active stock during the day, exchanging 16.317 million shares valued at N9.378 million, Transnational Corporation of Nigeria followed with account of 11.154 million shares worth N12.914 million, Access Corp exchanged 9.737 million shares cost N87.627 million, Chi Plc traded 7.489 million shares cost N4.654 million, Japaul Gold sold 6.889 million shares valued at N2.134 million.