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Conoil, MTNN, Forte Oil, others lift stock market by N23bn

Despite activities of profit takers on Custom Street, the Nigerian equities market still gained N23billion on Tuesday November 19, 2019 –thanks to stocks like Conoil Plc, MTNN Plc, and Forte Oil Plc. The stock market had on Monday November 18 lost part of its record gains last week.

The value of Nigeria’s listed equities increased to N12.905trillion at the sound of trade closing gong as against N12.882trillion recorded the preceding trading day. The NSE All Share Index (ASI) moved up by 0.18percent from 26,691.09 points to 26,739.44 points.

In 4,405 deals, equity investors exchanged 394,347,103 units valued at N6.543billion. The stock market’s negative returns year-to-date (ytd) currently stand at -14.92percent.

Read also: MTN Nigeria’s wholesale business unit records highest margin in nine months

On the gainers table, Conoil Plc led the pack after its share price moved from N15.4 to N16.9, adding N1.5 or 9.74percent. MTNN followed from N121 to N121.9, adding 90kobo or 0.74percent.

Forte Oil Plc advanced from N15.9 to N16.6, adding 70kobo or 4.40percent, while Nigerian Breweries Plc rose from N48.5 to N49, adding 50kobo or 1.03percent.

While the equities market advanced on the back of capital appreciation in the most capitalised stock –MTNN as well as gains in the Consumer Goods and Oil & Gas sectors, market watchers expect the market to once again exhibit some level of volatility on Wednesday, with persistent profit taking in some counters and bargain hunting in others.

On the losers table, Lafarge Africa Plc led others after moving down from a high of N14.9 to N14.65, losing 25kobo or 1.68percent.

It was followed by Zenith Bank Plc which dipped from N18.7 to N18.5, down by 20kobo or 1.07percent. United Capital Plc declined from N2.3 to N2.18, shedding 12kobo or 5.22percent, while ETI Plc dropped from N7 to N6.9, after losing 10kobo or 1.43percent.

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