Profit-taking in heavy weight counters yesterday led to a negative close for the stock market on the first day of the week.
But the decline was not unexpected because analysts had said while the market would remain mostly bullish as investors look for attractive dividend yields ahead of full year 2020 dividend declarations, there would be intermittent profit taking. The company had recorded a profit after tax of N91 million for the nine months ended September 30, 2020, showing a recovery from a loss of N2.10 billion posted in the corresponding period of 2019. The recovery has been attributed to the company’s diversified from oil and maritime services business to the exploration, mining, processing and export of minerals, such as gold, lithium among others.