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Market dips by N114bn as profit taking continues

The Nigerian stock market on Tuesday January 15 recorded another session of profit taking activities by investors.

This resulted to a dip by 0.75percent and N114billion seen in the Nigerian Stock Exchange (NSE) All Share Index (ASI) and the Market Capitalisation respectively.

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With most key indicators still pointing towards waning investor sentiment and profit-taking inclinations, market watchers expect the ASI to extend its decline into Thursday’s session.

MTNN stock price recorded the highest decline from N124.2 to N120.5, losing N3.7 or 2.98percent; BUA Cement followed after it dropped from N38.95 to N38, losing 95kobo or 2.44percent, while ETI followed after it decreased from N7.8   to N7.2, losing 60kobo or 7.69percent.

Beta Glass was rallied most, from N59 to N64.9, adding N5.9 or 10percent; followed by Forte Oil, which increased from N17.85 to N19, adding N1.15 or 6.44percent, and GlaxoSmithKline Consumer Nigeria which moved up from N5.6 to N6, adding 40kobo or 7.14percent.

The Year-to-Date (YtD) return stood at 8.27percent. The All Share Index closed at 29,062.50 points as against the preceding day’s close of 29,283.15 points while Market Capitalisation closed at N14.992 trillion as against preceding day’s close of N15.106 trillion.

The volume of stocks traded decreased by 46percent, from 666.78 million to 360.07 million, while the total value of stocks traded decreased by 56.5percent fromN6.52billion to N2.83billion in 4,345 deals.


Iheanyi Nwachukwu

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