PROFIT-TAKING HALTS EQUITIES’ RALLY

Written by on September 8, 2020

AFTER SIX CONSECUTIVE POSITIVE SESSIONS, NIGERIAN EQUITIES REOPENED NEGATIVE ON MONDAY AS PROFIT-TAKING TRANSACTIONS DEPRESSED THE MARKET TO A NET LOSS OF N12 BILLION.

BENCHMARK INDICES AT THE NIGERIAN STOCK EXCHANGE (NSE) INDICATED AVERAGE DECLINE OF 0.09 PER CENT. THIS MODERATED THE MONTH-TO-DATE RETURN TO ONE PER CENT WHILE AVERAGE YEAR-TO-DATE RETURN CLOSED AT -4.7 PER CENT.

THE ALL SHARE INDEX (ASI)-THE VALUE-BASED COMMON INDEX THAT TRACKS SHARE PRICES DROPPED BY 23.41 BASIS POINTS FROM ITS OPENING INDEX OF 25,605.64 POINTS TO CLOSE AT 25,582.23 POINTS.

AGGREGATE MARKET VALUE OF ALL QUOTED EQUITIES DROPPED BY N12 BILLION FROM ITS OPENING VALUE OF N13.358 TRILLION TO CLOSE AT N13.346 TRILLION.

WITH 16 ADVANCERS TO 15 DECLINERS, SECTORAL INDICES SHOWED MIXED PERFORMANCE, UNDERLINING THE INTERPLAY OF PROFIT-TAKING AMID CONTINUING BARGAIN-HUNTING FOR VALUE STOCKS.


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