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Stocks Market Declines By N155bn As Sell Pressures Continue

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The Nigerian stocks market dipped further by N155 billion yesterday to begin trading for this week on sustained profit taking activity.

In summary, the ASI shed 426.22 absolute points, representing a decline of 1.25 per cent to close at 33,611.69 points. Also, the market capitalisation declined by N155 billion to close at N12.271 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Forte Oil, Global Spectrum Energy Services, Guaranty Trust Bank and Nigerian Breweries.

Reviewing stocks market trading yesterday, analysts at Afrinvest Limited noted that “market performance reflects investors’ bearish outlook on the market as political risks remain heightened in addition to the continued absence of positive drivers. We, however, expect some bargain hunting to drive performance in the near term based on the availability of attractive stocks in the market.”

Market breadth closed negative, with 11 gainers versus 21 losers. Sunu Assurance recorded the highest price gain of 10 per cent, to close at 22 kobo per share. Union Diagnostic & Clinical Services followed with a gain of  7.41 per cent to close at 29 kobo, while Honeywell Flour Mills appreciated  by 5.56 per cent to close at N1.52 per share.

University Press appreciated by 4.17 per cent  to close at N2, while Mutual Benefit Insurance gained 3.70 per cent to close at 28 kobo per share.

On the other hand, Nestle Nigeria led the losers’ chart by 9.67 per cent, to close at N1,355 per share. Global Spectrum Energy Services shed 9.45 per cent to close at N5.75, while Forte Oil depreciated by 9.29 per cent to close at N19.05 per share.

Regency Alliance Insurance declined by 8.70 per cent to close at 21 kobo and Japaul Oil also shed 7.69 per cent to close at  24 kobo per share.

The total volume traded depreciated by 11.75 per cent to 137.63 million shares, worth N1.36 billion, and traded in 3,104 deals. Transactions in the shares of Diamond Bank topped the activity chart with 30.07 million shares valued at N40.4 million. United Bank for Africa (UBA) followed with 16.66 million shares worth N130.87 million, while Guaranty Trust Bank traded 11.25 million shares valued at N390.94 million.

Fidelity Bank traded 10.11 million shares valued at N17.19 million, while FBN Holdings transacted 6.64 million shares worth N59.76 million.



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