Market Pares Gains on Profit Taking in Bellwethers

The gains recorded by the equities market in the last four days have been eroded as the market returned to the control of the bears. The Nigerian Stock Exchange (NSE) All-Share Index fell by 1.09 per cent to close at 39,031.72, while market capitalisation shed N146.7 billion to close lower at N13.3 trillion.

Although companies are reporting their financial performance for the half year (H1) ended June 30, 2018, with some recording improved bottom-lines, investors moved in to lock in gains posted in the four-day rally.

Hence, the bearish start to the month of August. Depreciation in stocks such as Nestle Nigeria Plc, Dangote Cement Plc, Access Bank Plc and FBN Holdings Plc were responsible for the decline recorded.

In all, 24 stocks shed value led by CAP Plc and Royal Exchange Plc with 10 per cent apiece. International Breweries Plc followed with 9.7 per cent, while Unity Bank Plc and Sunu Assurance Plc went down by 9.3 per cent and 9.0 per cent in that order.

On the positive side, 21 stocks gained led by Neimeth International Pharmaceuticals Plc with 10 per cent. Jaiz Bank Plc trailed with 8.4 per cent, just as Okomu Oil Palm Plc and Mutual Benefits Assurance Plc chalked up 8.4 per cent and 8.3 per cent respectively.