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Nigerian Stocks Remain Bearish for 6th Day, Lose 1.06%

By Modupe Gbadeyanka

Activities on the trading floor of the Nigerian Stock Exchange (NSE) ended badly on Thursday for the sixth day with the local bourse shedding 1.06 percent as a result of continued profit-taking by investors.

Business Post reports that the Year-to-Date (YtD) returns depreciated to 3.87 percent yesterday, its lowest level since the opening week of 2018.

Also, the All-Share Index (ASI) fell below the 40,000 mark at the close of business on Thursday after losing 426.7 points to finish at 39,723.85 points, while the market capitalisation reduced by N155 billion to end at N14.389 trillion.

Looking at the sector performance as measured by the NSE sector indices, all the sectors closed in the red zone.

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The NSEFBT10, NSEBNK10, NSEINS10, NSEOILG5, and NSEIND all recorded declines of 1.79 percent, 1.70 percent, 1.10 percent, 1.60 percent and 0.20 percent respectively.

Also, the volume and value of equities transacted yesterday depreciated by 3.85 percent and 57.15 percent respectively.

A total of 256.4 million shares were traded on Thursday in 4,111 deals worth N2 billion against the 266.7 million equities sold on Wednesday valued at N4.7 billion.

The Financial Services sector led the activity chart at the market yesterday with 217.2 million shares exchanged for N1.5 billion, while the Consumer Goods industry followed with 16 million equities traded for N330 million.

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A further breakdown showed that the most active stocks by volume were Sovereign Trust Insurance, Diamond Bank, Fidelity Bank, Zenith Bank and UBA.

The market breadth finished negative yesterday with 35 stocks depreciating in value against eight equities that gained at the market.

Out of these eight price gainers, MRS Oil Nigeria came first with 10.10 percent price hike to close at N34.35k per share.

It was followed by Ikeja Hotels, which rose by 4.91 percent to finish at N2.35k per share, and Law Union & Rock Insurance, which appreciated by 4.44 percent to end at 94k per share.

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Niger Insurance grew by 4.17 percent to settle at 25k per share, while Consolidated Hallmark Insurance went up by 3.33 percent to close at 31k per share.

At the other side, Diamond Bank emerged the biggest loser after going down by 8.28 percent to settle at N1.44k per share.

Fidelity Bank followed with 5.50 percent depreciation to close at N2.06k per share, and Caverton, which lost 5 percent to end at N2.47k per share.

Nigerian Breweries declined by 4.99 percent to settle at N116.10k per share, while Dangote Flour fell by 4.98 percent to close at N9.55k per share.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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