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Stocks fail to sustain gains as investors sell Seplat, Total, MTN, others

Nigeria’s stock market closed in the red on Tuesday July 28 as investors chose to take profit on preceding days gains. The market lost N70billion due to lower buy-side activities on the Bourse.

The record dip in shares of Seplat, Total, MTN N, Julius Berger and GTBank aided the negative close.

Looking ahead, the performance of stocks will be largely dictated by the quality of half year (H1) results released into the market. Currently, many bellwether stocks are yet to release their financial scorecards.

The market benchmark performance indicator (NSE All Share Index) closed lower by 0.54 percent to 24,650.16 points, from preceding day high 24,783.61 points.

Also, the value of listed stocks decreased to N12.858trillion from preceding day high of N12.928trillion. The market’s negative return year-to-date (YtD) increased to -8.17 percent.

Seplat dipped most after its share price moved from N312.7 to N282, down by N30.7 or
9.82 percent.

Total Nigeria decreased from N97.5 to N87.8, losing N9.7 or 9.95percent. MTNN was also down from N120 to N118, after shedding N2 or 1.67percent. Julius Berger decreased from N16 to N15, losing N1 or 6.25 percent while GTBank dipped from N23.3 to N22.6, losing 70kobo or 3percent.

In 3,780 deals, investors exchanged 150,398,795 shares valued at N1.977billion.

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