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Nigerian stocks extend slide as profit-taking deepens

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The market appears to have entered correction territory after shedding 0.22 per cent last week.

fell for the second trading day in a row on Monday as the main equity index shed 0.13 per cent after sell-off in a number of mid-cap equities.

Trade volume depleted by as much as two-fifths but turnover saw a slight improvement, increasing by 10 per cent. “We anticipate continued market interest in the domestic equities space despite ongoing profit-taking,” analysts at broker and investment firmMarket breadth, which measures the level of investors’ sentiment towards trade, was negative as 24 laggards were reported compared to 22 gainers.

McNichols went up by 9.86 per cent to N2.34. Academy rose to N1.35, notching up 9.76 per cent in the process. NPF MFB completed the top 5, climbing up 8.02 per cent to N2.02Presco topped the losers’ chart, declining by 10 per cent to close at N180. Global Spectrum shed 9.97 per cent to end trade at N3.07. Neimeth fell to N1.59, losing 9.66 per cent in the process. Prestige slumped to N0.38, recording 9.52 per cent depreciation. UACN closed at N13.20, going down by 8.33 per cent.A total of 263.

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