Nigeria: Profit taking weakens momentum as NSE Index drops 0.16%

Despite the positive close it had in the previous trading session last Thursday, equities market resumed on a bearish note on Monday as investors traded cautiously.

Key market indicators, the All-Share Index and Market Capitalisation, declined by 0.16 per cent each.

The loss can be attributed to profit-taking actions seen in some large-cap counters such as FBNH which dropped 3.1 percent; Dangote Cement which slipped by 2.4 percent, United Bank for Africa 1.3 percent and Forte Oil recorded 0.4 percent loss.

At the close of transactions on Monday, the All-share index closed lower at 34,649.38 points after it went down by 58.73 basis points, from 34,708.11 points on recorded in the last trading day, while market capitalisation went down by N19.945 billion from N11.786 trillion to N11.767 trillion.

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