NSE All-Share Index Bows To Profit Booking, Down By 0.60%

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The Nigerian Stock Exchange (NSE) opened trading for the week on Monday with a loss of 0.60 per cent, amid profit taking as predicted by some market analysts.

Speficially, the All Share Index shed 160.59 or 0.60 per cent to close at 26,691.09 compared with 26,851.68 achieved on Friday.

Similarly, the market capitalisation which opened at N13.071 trillion shed lost N188 billion to close at N12.883 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Okomu Oil, Access Bank, Ecobank Transnational Incorporated (ETI), United Bank for Africa (UBA) and Caverton Offshore Support Group.

Commenting on the market performance, analysts at United Capital said “this week, we expect investors to continue to lock in gains in stocks with strong fundamentals, as the system remains awash with liquidity.”

Also, analysts at Imperial Asset Managers expect “more liquidity inflows into the equity market as investors continue to…



Source: Leadership Newspaper