Connect with us
Advertise With Us

BUSINESS

Sell Pressures Weigh On Stock Market, Declines By 0.88%

Published

on

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.

Advertisement
Comments

MOST READ

NEWS2 hours ago

Osinbajo, Tinubu, Sanwo-Olu, Osoba Extol Jakande’s Legacy At 90  

Vice President Yemi Osinbajo, National leader of the All Progressives Congress, (APC), Asiwaju Bola Tinubu, Lagos State Governor Babajide Sanwo-Olu...

NEWS2 hours ago

WHO Set To Declare Nigeria Polio Free

The World Health Organisation (WHO) says it is set to declare Nigeria a polio free country. This is according to...

NEWS2 hours ago

Air Peace Loses Nose wheel, Tyre After Hard Landing In Lagos

An Air Peace Boeing 737-300 with registration number 5N-BQO operating from Port Harcourt to Lagos on Tuesday made an emergency...

NEWS2 hours ago

Power Distribution: KEDCO Secures Additional Units

Following the management’s resolve to restructure the company with a view to improving service delivery to its teeming customers, Kano...

NEWS2 hours ago

Ekiti Warns Principals Against Collection Of Illegal Levies

Ekiti State Government has warned school principals against collection of illegal levies in their schools, saying it would no-longer condone...

NEWS2 hours ago

C’River North Youths Hail PMB Over Jedi-Agba’s Ministerial Nomination

Cross River youths under the auspices of Northern Cross River Youth Coalition (NCRYC), Tuesday, commended President Muhammadu Buhari, over ministerial...

NEWS2 hours ago

Insecurity: Lagos Assembly Calls For Establishment Of State Police

Following the increasing rate of insecurity in the country, the Lagos State House of Assembly has called for constitutional amendment...

Advertisement

MOST POPULAR

%d bloggers like this: