Profit-taking Persists as Stock Market Deckine by N2.34tn

Profit-taking Persists as Stock Market Deckine by N2.34tn

Kayode Tokede

The domestic stock market opened the week on a negative note, as profit-taking in MTN Nigeria Communications (MTNN) Plc and 44 others caused the overall capitalization to close lower by N2.34 trillion.

As MTN Nigeria depreciated by 10 per cent, the Nigerian Exchange Limited All-Share Index (NGX ASI) dipped by 3,647.10 basis points, or 1.57 per cent to close at 228,401.92 basis points. Also, market capitalisation depreciated by N2.34 trillion to close at N146.565 trillion.

Sectoral performance was negative as the Insurance (-1.3per cent), Banking (-1.2per cent), Consumer Goods (-0.6per cent), Industrial Goods (-0.4per cent) and Oil and Gas (-0.1per cent) indices declined.