Featured Finance

Profit-taking: Market soars as investors recover more

AT the close of business yesterday, investors continued to take profit as more stocks exchanged hands on higher value for investors taking positions for better profit from companies declaring dividend.

The twin market indicators both appreciated further with 0.34 percent each with market capitalization adding N87 billion to close at N25.536 trillion while the All Share Index increased by 162.28 points to close at 47,367.31 basis points.

This leaves the gain in market capitalization at N407 billion and index at 735.85 points in the last three consecutive trading days, representing 1.6 per ent respectively.

Investors traded 391.889 million shares worth N9.952 billion across 5,419 deals. The price movement able showed 48 stock witnessed price change with 31 appreciating and 17 reducing in price value.

Leading the gainers table was Meyer with a price gain of 9.56 percent to close at N1.49 followed by Ikeja Hotel, Caverton and UBN with price gain of 9.24 percent, 6.76 percent and 6.56 percent to close at N1.30, N1.26 and N6.50 respectively.

Other bigger players on the table were GTCO, ETI, UBA, FBNH, MTN Nigeria and Nigerian Breweries.

On the lean side of the table, Sunu Assurance led with a price drop of 7.69 percent to close at N0.36 followed by Sterling Bank, FGS202369, Unilever and Wapic with price drop of 6 percent, 5.27 percent, 4.51 percent and 4.44 percent to close at N1.41, N90.00, N12.70 and N0.43 respectively.

The bigger players include Trancorp, FCMB, Zenith Bank and Access Corp.

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