Nigerian stock index down 0.75%, as Cadbury, AIICO, Nestle shed weight

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Trading activities on the Nigerian Stock Exchange continued on a negative note Tuesday as the All Share Index extended losses by 0.75 per cent.

The NSE All Share Index (ASI) declined further by 0.75 per cent or 267.42 points to close at 35,397.52 points while the market capitalisation decreased by N62.4 billion to close at N12.201 trillion.

The NSE daily market report revealed that Cadbury led the day’s 21 declining stock with a depreciation of 36.1 per cent, AIICO insurance fell 6.78 per cent to close at 55 kobo per share, Nestle dropped 4.94 per cent to close at N1,150.20, Continental reinsurance fell 4.83 per cent to close at N1.38 per share and Linkage Assurance dropped 4.69 per cent to close at 61 kobo per share

On the other hand Fortis Micro finance bank improved by 100 percent to lead the day’s 35 gainers. The stock gained N1.29 to close at N2.58. It was followed by Daar Comm which grew by 32 per cent to close at 50 kobo while Neimeth Pharmaceuticals added 32 per cent to close at 83 kobo. ROADS and Glaxosmithkline increased 25 per cent each to close at N6.60 and N21 per share respectively.

The total volume of shares traded by investors in 4,193 deals stood at 373.5 million shares valued at N5.766 billion compared 114.8 million units sold in 3,232 deals and valued at N2.2 billion on Monday.

Diamond Bank emerged the most traded stock with 130.7 million units sold at N150.6 million, Guaranty Trust Bank was next with the sale of 50.1 million units of shares valued at N1.896 billion. Zenith Bank was third with the sale of 39.3 million shares worth N900.1 million, FBN Holdings sold 23.0 million shares at N132.8 million while Meyer emerged the fifth most traded stock with 15 million shares worth N10.5 million

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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