• Friday, March 29, 2024
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BusinessDay

Large cap stocks drive market to negative close 

The debts stock of the country: Why Nigeria seeks external lenders
Nigeria stock market closed the last trading day of the week on a negative note fuelled by increased sell pressure on stocks like Dangote Cement Plc, Okomu Oil Palm Plc, Guinness Nigeria Plc,  Dangote Sugar Refinery Plc and UACN Plc.
Analysts had anticipated Friday’s bearish close amidst weak investors’ sentiment. 
With this development the index posted negative returns in four of the five trading sessions in this week ended June 19.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased by -0.43 percent. In the review trading week, stock market dipped by -1.41percent; while month-to-date (MtD), it has decreased by -1.75 percent. The market’s negative return year-to-date (YtD) stood higher at 7.51percent.
The NSE ASI decreased to 24,826.75 points while the value of listed stocks decreased to
N12.951trillion as against week open high of
25,182.67 points and N13.137 trillion respectively. Investors booked about N186billion loss.
Dangote Cement Plc recorded the highest decline on Friday after its share decreased from
N139 to N130, losing N9 or 6.47percent. In  3,695 deals, investors exchanged 174,676,912 units valued at N2.010billion.