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Stock market bearish as capitalisation dips by N6 billion

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Nigeria Stock Exchange, Lagos

Following price losses suffered by most blue-chip stocks, transactions on the equity sector of the Nigerian Stock Exchange (NSE) reopened on a downward note yesterday, as market capitalisation depreciates marginally by N6 billion.

Yesterday, the All-Share Index shed 17.80 points or 0.04 per cent to close at 41,454.30 compared with 41,472.10 achieved on Friday.

Also, the market capitalisation which opened at N14.981 trillion lost N6 billion or 0.04 per cent to close at N14.975 trillion.

Analysts at Afrinvest Securities Limited expressed optimism that the market would rebound in subsequent sessions as bargain hunting continued.

“Despite the negative performance today, investors’ sentiment strengthened, thus we anticipate a rebound in market performance in subsequent sessions as investors continue to seek for bargain opportunities.”

A breakdown of activities on the price movement chart showed that Seplat recorded the highest loss for the day, shedding N21.90 kobo to close at N700.10 per share. Forte Oil trailed with a loss of 4.00 kobo to close at N40 per share while Unilever depreciated by N2.75 kobo to close at N52.45 per share.

Lafarge Africa was down with a loss of N2.00 kobo to close at N48.00 per share. Guaranty Trust Bank also shed N1.60 kobo to close at N45.30 per share.

On the other hand, Presco led the gainers’ table, increasing by N3.30 kobo to close at N72 per share. Nestle Nigeria followed with a gain of 3.00 kobo to close at N1,320, while GlaxosmithKline added 2.55 kobo to close at N28.05 per share.


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