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Stock Market Commences Trading In October With 1.14% Loss

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The Nigerian stock market closed the first trading day in the month of October, yesterday on decline by 1.14 per cent amid bearish momentum as investors sentiment remained lukewarm.

The All Share Index (ASI) decreased by 315.69 absolute points, representing a dip of 0.14 per cent to close at 27,314.87 points. Similarly, the market capitalisation lost N153 billion to close at N13.297 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Mobil Nigeria, Total Nigeria, Nigerian Breweries, Guaranty Trust Bank and MRS Oil Nigeria.

Analysts at Afrinvest Limited maintained its bearish stance for the market, although the current low prices of stocks present opportunities for bargain hunting.

Market breadth closed negative, with 11 gainers versus 24 losers. Neimeth International Pharmaceuticals recorded the highest price gain of 10 per cent, to close at 44 kobo, per share. Continental Reinsurance followed with a gain 9.66 per cent to close at N2.27, while Associated Bus Company rose by 8.82 per cent to close at 37 kobo, per share.

Wapic Insurance went up by 5.88 per cent to close at 36 kobo, while Honeywell Flour Mills appreciated by 5.26 per cent  to close at N1.00, per share. On the other hand, Fidson Healthcare led the losers’ chart by 10 per cent, to close at N4.05, per share. Africa Prudential followed with a decline of 9.97 per cent to close at N3.52, while Ecobank Transnational Incorporated (ETI) went down by 9.94 to close at N7.25, per share.

MRS Oil Nigeria lost 9.84 per cent to close at N16.95, while Conoil shed 9.82 per cent to close at N15.15, per share.

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