Profit-Taking Ends Nigerian Exchange's Winning Streak

Transactions on the Nigerian Exchange (NGX) closed negative on Friday to halt its three-day winning streak due to profit-taking.

Consequently, the market capitalisation dropped by N28 billion to close at N20.409 trillion as the All-Share Index depreciated by 53.82 points to 39,156.28 from 39,210.10 on Thursday.

A breakdown of the activity chart shows that NEM Insurance topped the losers’ chart in percentage terms, dropping by 10 percent to close at N1.80 per share.

Champion Breweries also dipped 10 percent to close at N1.80, while Royal Express was down by 9.33 percent to close at 68kobo per share.

FTN Cocoa lost 8.33 percent to close at 33kobo, while Learn Africa shed 8.26 percent to N1 per share.

Conversely, Cutix led the gainers’ table in percentage terms, appreciating by 9.88 percent to close at N2.78 per share.

Jaiz Bank followed with 9.26 percent to close at 59kobo, while Mutual Benefits added 6.98 percent to close at 46kobo per share.

Mansard gained 4.76 percent to close at 88kobo, while Northern Nigerian Flour Mills was up by 4.24 percent to close at N6.15 per share.

However, in spite of the drop in indices, the volume of shares traded rose by 82.53 percent with an exchange of 289.08 million shares worth N3.55 billion in 3,719 deals.

Sterling Bank was the most active stock during the day, exchanging 32.09 million shares worth N50.58 million.

It was followed by Vitafoam with an account of 27.60 million shares valued at N331.06 million, while Zenith Bank sold 25.72 million shares worth N594.70 million.

Fidelity Bank sold 22.99 million shares valued at N51.88 million, while Guaranty Trust Bank exchanged 14.09 million shares worth N407.84 million.