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Equities Market Records Marginal Fall on Profit Taking
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All-Share Index grows by 1 7% as trading resumes
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Goddy Egene
The Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose further by 1.10 per cent to close at 34,225.22 as the market sustained its positive momentum yesterday. The market capitalisation gained N199.5 billion to close at N18.4 trillion.
The bulls had returned to the market on Monday with a gain of 1.73 per cent after losing out the bears the previous week due to profit taking.
However, the gains were sustained yesterday as 28 stocks appreciated compared with 14 stocks that depreciated. LASACO Assurance Plc led the price gainers with 10 per cent while AXA Mansard Insurance Plc gained 9.3 per cent to occupy the second position. FTN Cocoa Processors Plc and Japaul Gold garnered 8.3 per cent and 8.0 per cent respectively.
TODAY
December 14, 2020
The equities market shed N463.7 billion last week as the bullish streak was halted by persistent profit taking. Following the unprecedented growth recorded in the month of November, many investors have been locking in profits. Despite the pockets of profit taking, the market had maintained a positive weekly performance.
However, that positive momentum could not be sustained last week as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) went down by 2.5 per cent to close at 34,250.74. Similarly, market capitalisation shed N463.7 billion to be at N17.902 trillion. The year-to-date (YTD) growth moderated to 27.6 per cent.
Although the profit taking is expected to continue, analysts remained optimistic, saying the market still offers better investment alternative.
Goddy Egene
The bulls came back strong yesterday to open the stock market on a positive note after depreciating last week.
Last week, the bull run was halted following sustained profit taking.
However, yesterday, the market appreciated lifting the Nigerian Stock Exchange (NSE) All-Share Index (ASI) by 1.73 per cent to close at 34,843.44. In similarly trend, market capitalisation added N309.8 billion to close at N18.2 trillion.
Market analysts had said while profit taking was expected to continue, the bulls would still have the upper hand.
“Yields in the fixed income market remain relatively unattractive, and we expect this to remain positive for stocks. However, we advise investors to take positions in only fundamentally justified stocks as the weak macro environment remains a significant headwind for corporate earnings,” analysts at Condros Research had said.
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