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Profit-takingPersist as Stock Market Open Week on Negative Note
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Equities Market Declines by N9bn on Profit-taking in Banking, Oil & Gas Stocks
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Nigerian Stock Exchange opens week with N9 billion loss
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Views: Visits 9 The nation’s bourse opened trading for the new week on Monday on a positive note with a growth of N59 billion, following interests in Tier 1 banks. Specifically, the market capitalisation which opened at N20.431 trillion inched higher by N59 billion to close at N20.490 trillion. Also, the All-Share Index increased by 113.99 points or 0.29 per cent to close at 39,312.74 from 39,198.75 achieved on Friday. Accordingly, the month-to-date and year-to-date losses moderated to 1.3 per cent and 2.4 per cent, respectively. The gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Zenith Bank, Guaranty Trust Bank, Okomu Oil, Africa Prudential and Lafarge Africa.
Specifically, the market capitalisation which opened at N20.431 trillion inched higher by N59 billion to close at N20.490 trillion. Also, the All-Share Index increased by 113.99 points or 0.29 per cent to close at 39,312.74 from 39,198.75 achieved on Friday. Accordingly, the month-to-date and year-to-date losses moderated to 1.3 per cent and 2.4 per cent, respectively. The gain was driven by price appreciation in large and medium capitalised stocks amongst which are Zenith Bank, Guaranty Trust Bank, Okomu Oil, Africa Prudential and Lafarge Africa. Analysts at United Capital Plc had anticipated that the bears would dominate transactions this week, amid Treasury Bills auction. We expect the overall theme of the market to tilt towards the bears, considering the anticipated NTB auction scheduled to hold later in the week.