Stock Market Sheds 1.4% as Profit-taking Halts Recovery - THISDAYLIVE

Profit-taking in bellwethers such as Dangote Cement Plc, Nestle Nigeria Plc and some banking stocks halted the equities market’s further recovery last week.

Globally, COVID-19 continued to spread, with the total number of cases reaching about 2.7 million at the weekend, up from the 1.9 million recorded the previous week while the death toll rose to 191,167 from 130,885 persons. Unfortunately, optimism about a potential vaccine was dashed as Gilead’s ‘Remdesivir’ failed the first clinical trial.

Performance across the BRICS markets was mixed as three of five indices lost. South Africa’s FTSE/JSE All-Share and Russia’s RTS gained, up 0.6 per cent and 0.3 per cent respectively. On the flip side, Brazil’s Ibovespa led the losers, down 6.0 per cent due to political crisis in the country. Similarly, China’s Shanghai Composite and India’s BSE Sens indices also ebbed lower by 1.1 per cent and 0.8 per cent respectively.

Cadbury Nigeria Plc, which recorded a growth of 26 per cent in its results for the first quarter ended March 31, 2020, led the price gainers with 18.25 per cent.

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