Profit-taking Wipes N111bn Off Stock Market As Losses Deepen

Profit-taking by investors in bellwether stocks yesterday wiped N111 billion off the Nigerian equities market, extending the recent losing streak and further weakening market sentiment.
The sell-off pushed total market capitalisation down to N162.385 trillion from the previous session, as investors locked in gains on large and medium-capitalised stocks amid cautious positioning ahead of third-quarter (Q3) corporate earnings.
The All-Share Index (ASI) also declined by 176.75 points, representing a 0.07 per cent loss, to close at 250,096.75 points, as selling pressure hit key counters including Dangote Sugar Refinery, Oando, Transnational Corporation (Transcorp), Guaranty Trust Holding ...