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Business News of Saturday, 13 February 2021

Source: nairametrics.com

Nigerian Blue Chip stocks suffer heavy losses amid high profit-taking

Nigeria Stock Exchange Nigeria Stock Exchange

Nigerian stocks closed the last trading session on a bearish note. The All Share Index plunged by 1.40% to close at 40,439.85 index points as against the 0.78% gain recorded yesterday. Its Year-to-Date (YTD) returns currently stands at +0.42%.

Nigerian Stock Exchange market value now stands at N21.16 trillion.

Nigerian bourse market turnover at Friday trading session printed negative as volume dipped by 68.96% as against +247.40% uptick recorded on Thursday. ZENITHBANK, TRANSCORP, and FBNH were the most active to boost market turnover.Among major sectoral indexes, the Industrial Goods sector emerged as the sole loser today on BUACEMENT and DANGCEM’s selloffs.On the flip side, the Banking (+0.52%), Consumer Goods (+0.28%), Oil and Gas (+0.14%), and Insurance (+0.04%) sectors closed higher.The market breadth closed positive as UAC-PROP led 31 Gainers as against 9 Losers topped by LIVESTOCK at the end of today’s session – an improved performance when compared with the previous outlook.Top gainers

UAC-PROP up 9.59% to close at N0.8LINKASSURE up 9.26% to close at N0.59JAPAULGOLD up 9.23% to close at N0.71UNITYBNK up 9.23% to close at N0.71AFRINSURE up 9.09% to close at N0.24Top losers

LIVESTOCK down 9.78% to close at N2.03NEM down 9.69% to close at N2.05BUACEMENT down 7.22% to close at N73.3SOVRENINS down 7.14% to close at N0.26DANGCEM down 3.51% to close at N220Outlook

The Nigerian All Share Index reverted into the negative territory, losing 1.40% in the week’s final session. The index’s pullback was at cement makers’ helms – DANGCEM (-3.51%) and BUACEMENT (-7.22%).

Nairametrics envisages cautious buying amid renewed profit-making seen across the market spectrum.