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Stock market down by 0.18% as investors book fresh loss of N22bn

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Stock trading on the Nigerian bourse kicked-off this week on a negative note following a record N22billion loss at the close of trading on Monday.

The value of listed stocks on the Nigerian Bourse decreased from N11.756 trillion to N11.734trillion, as supply side outweighed demand. The NSE ASI decreased by 0.18percent, while the Year-to-Date (ytd) return stood at negative of 15.95percent.

Also, at the sound of closing gong on the Custom Street, the Nigerian Stock Exchange (NSE) All Share Index (ASI) which had opened at 32,200.21 points declined to 32,143.41 points.

Diamond Bank Plc, GTBank Plc, UBA Plc, FBN Holdings Plc and Zenith Bank Plc were actively traded stocks on the Nigerian Stock Exchange.

The volume of stocks traded increased by 17.19percent, from 121.260 million to 142.111 million, while the total value of stocks traded decreased by 1.54percent, from N1.581 billion to N1.556 billion in 2,772 deals.

“Following a mild uptick in market performance in the prior week, we believe this buying interest will be sustained this week. Nevertheless, we expect profit taking to drag performance towards the close of the week”, said Lagos-based Afrinvest analysts in their November 12 note.

Flour Mills Nigeria Plc recorded the highest price advance after its share price increased from N15.4 to N16.5, adding N  1.1 or 7.14percent; Oando Plc stock price also increased from N4.65 to N4.95, up 30kobo or 6.45percent; ETI Plc shares price increased from N15.55 to N15.7, up 15kobor or 0.96percent; PZ Cussons Nigeria Plc gained 15kobo or 1.67percent, from N9 to N9.15; while FBN Holdings Plc was up, from N7.45 to N7.6, gaining 15kobo or 2.01percent.

“With the culmination of the third-quarter (Q3) 2018 earnings season, we expect a mixed theme this week as issues around the polity remain in focus”, said United Capital research analysts.

On the losers table, GTBank Plc stock price led the pack after its share price declined from N37.15 to N36.5, down by 65kobo or 1.75percent; Zenith Bank Plc followed, from N24.4 to N24, down by 40kobo or 1.64percent.

NEM Insurance Plc share price declined from N2.8 to N2.57, losing 23kobo or 8.21percent; while Diamond Bank Plc was also down from N1.28 to N1.16, losing 12kobo or 9.38percent.

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