Nigerian stocks maintain bearish trend, down by 0.74%

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The Nigerian equities market commenced trading for the week on Monday still on a bearish trend with the market indicators dropping by 0.74 per cent. Nigerian Stock Exchange Nigerian Stock Exchange NSE Reports have it that the All-Share Index shed 219.35 points or 0.74 per cent to close at 29,521.06 compared with 29,740.41 on Friday.

Also, the market capitalisation lost N82 billion to close at N11.094 trillion against N11.176 trillion achieved on Friday, amid price loses. An analysis of the price movement table indicates that Forte Oil led the gainers’ table, improving by N2.90 to close at N32.10 per share. Julius Berger followed with a gain of N2.20 to close at N24.70, while Dangote Flour Mills added N1.55 to close at N17.10 per share.

Okomu Oil Palm gained 50k to close at N72.50, while Cadbury increased by 45k to close at N11.80 per share. Man drags father in-law to court over wife’s refusal to return to matrimonial home Conversely, Total recorded the highest loss to lead the losers’ table, dropping by N15.90 to close at N166.10 per share.

Stanbic IBTC trailed with a loss of N1.90 to close at N45.10, while Cement Company of Northern Nigeria dipped N1.65 to close at N15.35 per share. Dangote Cement dropped by 90k to close at N186, while Guaranty Trust Bank shed 75k to close at N33.45 per share. A breakdown of the activity chart shows that Japual Oil and Maritime emerged the most traded, exchanging 60.42 million shares worth N17.98 million.

Caverton followed with an account of 46.90 million shares valued at N125.32 million, while UACN sold 41.05 million shares worth N285.97 million. 50 Edo youths commence Amazon Web Services Program Access Bank exchanged 17.25 million shares valued at N115.46 million, while FBN Holdings traded 14.17 million shares worth N102.97 million.

In all, investors bought and sold 290.19 million shares valued at N2.16 billion transacted in 4,302 deals. This was in contrast with a turnover of 244.58 million shares worth N1.54 billion traded in 3,444 deals on Friday.

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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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