Stock market down by N42bn on profit-taking

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The Nigerian equity market returned to negative territory on Wednesday as investors began to take profits to increase capital gains.

Key market indicators, the Nigerian Stock Exchange All-Share Index declined by 0.3 per cent as bargain hunters widen sell-offs to take profits from gains recorded last week.Consequently, the All-Share Index dropped by 90.8 basis points or 0.3 per cent to close at 35,056.82 basis points as against 35,147.62 recorded the previous day.

Meanwhile, a turnover of 368.97 million shares exchanged in 4,598 deals was recorded in the day’s trading. Volume in the subsector was largely driven by activities in the shares of FBNH Plc and Access Bank Plc.

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