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Equities open negative as profit-taking sets in

NIGERIAN equities closed the first trading session in December with marginal decline as investors sought to monetise capital gains that had accrued over the past three weeks. Benchmark indices at the Nigerian Stock Exchange (NSE) indicated average decline of 0.04 per cent, equivalent to net capital depreciation of N6 billion.

The decline depressed the average year-todate return to -14.13 per cent. The All Share Index (ASI)- the common value-based index that tracks share prices at the NSE, dropped from its opening index of 27,002.15 points to close at 26,990.59 points. Aggregate market value of all quoted equities also declined from its opening value of N13.033 trillion to close at N13.027 trillion.

With 17 decliners to 12 advancers, the decline yesterday was largely due to profit-taking transactions across the sectors as investors sought to lock in values. Most sectoral indices closed negative, underlining the widespread profittaking sentiment.

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The NSE Industrial Goods Index dropped by 1.20 per cent.

The NSE Banking Index dipped by 0.16 per cent while the NSE Oil and Gas Index slipped by 0.15 per cent. On the upside, the NSE Insurance Index appreciated by 1.02 per cent while the NSE Consumer Goods Index rose by 0.71 per cent. Cement Company of Northern Nigeria led the decliners with a drop of N1 to close at N19. UAC of Nigeria followed with a loss of 70 kobo to close at N7.30 while GlaxoSmithKline Consumer Nigeria dropped by 25 kobo to close at N6.

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