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NSE index bows to profit booking

The News Agency of Nigeria reports that the index dipped 152.36 points or 0.46 per cent to close at 33,117.48 against 33,269.84

The All-Share index of Nigerian Stock Exchange on Friday dropped by 0.46 per cent after a two-day rally, due to profit booking for half-year returns.

The News Agency of Nigeria reports that the index dipped 152.36 points or 0.46 per cent to close at 33,117.48 against 33,269.84 achieved on Thursday, amid price losses.

In the same vein, the market capitalisation, which opened at N11.504 trillion, shed N52 billion or 0.45 per cent to close at N11.452 trillion.

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NAN reports that major equities recorded price depreciation with Nestle leading the losers’ table with a loss of N9 to close at N901 per share.

7UP trailed with a loss of N4.55 to close at N86.45 and Unilever was down by N3.98 to close at N36.87 per share.
Forte Oil lost N2.63 to close at N50.07, while Julius Berger declined by N1.97 to close at N37.48 per share.

Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the development to profit booking by some asset managers ahead of half-year funds returns.

Omordion added that end of the month profit booking by individuals and institutional investors contributed to the market trend.

Conversely, Total led the gainers’ chart, gaining N7.90 to close N280 per share.

Nigerian Breweries followed with a gain of N2.28 to close at N161 and Ecobank Transnational Incorporated appreciated by 66k to close at N13.97 per share.

Stanbic IBTC added 56k to close at N33, while Cadbury increased by 35k to close at N14 per share.

Similarly, the volume of shares traded dropped by 21.26 per cent as investors bought and sold 345.86 million shares valued at N3.35 billion exchanged in 4,797 deals.

This was in contrast with a turnover of 439.23 million shares worth N4.81 billion transacted in 4,594 deals.

Diamond Bank drove the activity chart, accounting for 40.25 million shares valued at N50.86 million.

Access Bank followed with 31.20 million shares worth N295.53 million and Niger Insurance exchanged 29.22 million shares valued at N14.61 million.

Transcorp sold 27.97 million shares worth N40.73 million, while UBA exchanged 23.27 million shares valued at N209.87 million.

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