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Buying Interest in MTN Nigeria, 13 Others Lift Stock Market by N24 92bn
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Nigerian Stock Exchange reverses trend, gains N317bn
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Specifically, the market capitalisation which opened at N20.339 trillion lost N301 billion or 1.48 per cent to close at N20.038 trillion. Also, the All-Share Index inched lower by 577.43 points or 1.48 per cent to close at 38,445.09 from 39,022.52 achieved on Tuesday. The market downturn was driven by price depreciation in large and medium capitalised stocks, amongst which are Airtel Africa, BOC Gases, Dangote Cement, Dangote Sugar Refinery and Northern Nigeria Flour Mills (NNFM). The Chief Operating Officer, InvestData Ltd.,
Mr Ambrose Omordion, attributed the persistent bear run to profit taking and portfolio adjustment occasioned by first quarter results. Omordion said players were positioning in undervalued stocks with potential to beat inflation in the midst of rising yields in the fixed market and insecurity challenges.
NGX drops further by N301bn on losses by blue chips
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Specifically, the All-Share Index improved by 40.01 points or 0.10 per cent to close at 38,848.02 points from 38,808.01 posted on Friday. Also, the market capitalisation which opened at N20.310 trillion grew by N20 billion or 0.10 per cent to close at N20.330 trillion. The uptrend was also driven by price appreciation in medium and large capitalised stocks amongst which are UACN, Northern Nigeria Flour Mills, Guaranty Trust Bank, MTN Nigeria Communications (MTNN) and FCMB Group. Market was positive with 18 stocks gaining in contrast with 12 losers. FCMB Group dominated the gainers chart in percentage terms with 9.77 per cent to close at N2.92 per share. NNFM and University Press followed with a gain 9.35 per cent each to close at N5.85 and N1.17 per share, respectively.