NSE ASI continues its downward trend by 0.84%

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The Nigerian Stock Market (NSE) opened the week negative as investors profit-taking down the equities market by 0.84 per cent.

The NSE All-Share Index depreciated by 231.76 basis points from 27,617.45 basis points to 27,385.69 basis points on Monday.

At the close of trading, equities like PZ dropped by 6.16 per cent from N27.13 to N25.46, while Forte Oil declined by five per cent to N 261.73 to down the capital market.

In the same vein, market capitalization declined N79 billion to close at N9.416 trillion from N9.495 trillion it closed on Friday, while market activity as measured by value and volume closed N3 billion and 319.8 million respectively.

At the close of trading most of the sector index were negative except for Insurance.

The Oil and Gas Index closed negative at the close of trading to lead the losers list, depreciating the index further by 2.76 per cent.

Followed by the consumer goods index that dropped by 0.85per cent while Banking Index also dropped by 0.67 per cent.

Investors sentiment resumes the week as profit-taking in Unity Bank Plc that dropped by 4.9per cent, ETI fall by 4.49 per cent, Stanbic IBTC and Diamond Bank depreciated by 4.07 per cent and 3.38 per cent respectively.

In the same vein, the Industrial index closed negative as price decline in CCNN dropped by five per cent moderated the index by 0.22per cent.

After Monday’s trading activities, equities market top gainers were Continsure that gained five per cent, Betaglas rose by 4.99per cent, while Sterling Bank and Cutix gained 4.74 per cent and 4.46 per cent each.

Top losers were PZ that dropped by 6.16 per cent, CCNN and Fort Oil dropped by five per cent respectively. Unity also dropped by 4.90 per cent to N0.97 while Studio press moved from N2.30 to N2.19.

Market analysts said the exit of foreign investors and anticipation towards the Christmas/ New Year celebration have created persistence profit-taking. They however urged investors to trade with caution and utilize the opportunity present by stocks that are presently trading below their intrinsic value.

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