Profit-Taking Drags Index By 0.3 Per Cent As Nigerian Exchange Limited Halts Rally

The Nigerian Exchange Limited (NGX) halted four consecutive trading sessions of an uptrend, as profit-taking by investors on the Nigerian Exchange Limited (NGX) dragged the All-Share Index (ASI) by 0.3 per cent.

Specifically, the ASI dipped by 126.32 points, representing a decline of 0.32 per cent to close at 38,801.51. Similarly, the overall market capitalisation of listed equities depreciated by N66 billion to close at N20.216 trillion.

The market negative performance was driven by price depreciation in large and medium capitalised stocks amongst which are, MTN Nigeria Communications, Ardova, Guaranty Trust Bank Holding Company, United Capital, and Access Bank.

Analysts at Afrinvest Limited said: “ In the final trading session, we anticipate that the negative sentiment would persist on the back of profit-taking activities.