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Sell Pressures Weigh On Stock Market, Declines By 0.88%



The Nigerian stock market fell further by 0.88 per cent amid sustained profit taking activity, yesterday.The Nigerian Stock Exchange (NSE) All – Share – Index (NSE-ASI) shed 304.15 absolute points, representing a decline of 0.88 per cent to close at 34,110.22 points. Also, the market capitalisation declined by N111 billion to close at N12.453 trillion.
The negative performance was driven by profit taking in Unilever Nigerian Guinness Nigeria, Stanbic IBTC Holdings, Guaranty Trust Bank and Mobil Nigeria.
Analysts at APT Securities Limited noted that “there is no doubt of political risk in the economy which may most likely linger towards the 2019 election. We therefore advice investor to tread with caution in the short run as the market shuffles in between sell-offs and mild bargain hunting.”

Market breadth closed negative, with 19 gainers versus 31 losers. AG Leventis Nigeria recorded the highest price gain of 10 per cent, to close at 44 kobo per share. Fidson Healthcare followed with a gain of 9.09 per cent to close at N6, while Sovereign Trust Insurance gained 8.70 per cent to close at 25 kobo per cent.
Royal Exchange appreciated by 8.33 per cent to close at 26 kobo, while Unity Bank rose 6.76 per cent to close at 79 kobo per share.
On the other hand, Wapic Insurance led the losers’ chart by 10 per cent, to close at 36 kobo per share. Eterna shed 9.42 per cent to close at N6.25, while Law Union and Rock Insurance depreciated by 9.09 per cent to close at 60 kobo per share.