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Nigerian Stocks Remain in Red Territory, Lose N52b

By Dipo Olowookere

Activities on the Nigerian Stock Exchange (NSE) remained weak on Tuesday with another 0.35 percent depreciation suffered.

Despite the positive 2017 financial results posted today by Dangote Cement, one of the market heavyweights, the equity market finished in the red territory.

The All-Share Index (ASI) declined by 146.27 points to close at 41,686.36 points, while the market capitalisation fell by N52.3 billion to close at N14.913 trillion.

However, the volume of shares transacted today increased by 24.9 percent, while the value traded depreciated by 25.5 percent.

At the close of business today, investors traded a total of 409.2 million shares worth N3.9 billion in 4,996 deals against 327.8 million units sold yesterday in 5,366 deals valued at N5.3 billion.

There was a huge buying interest in the shares of Fidson, which emerged the most traded after selling 85 million units for N424.8 million.

African Alliance Insurance sold 40 million shares worth N10 million, while FBN Holdings traded 34.9 million equities valued at N420.2 million.

Furthermore, Zenith Bank exchanged 24 million shares for N682.3 million, while Multi-Trex Integrated Foods sold 20 million shares valued at N8.2 million.

On the price movement chart, Business Post reports that Total Nigeria led the gainers’ chart today after growing by N11.60k to close at N243.70k per share.

It was followed by Unilever, which appreciated by N2.65k to finish at N55.65k per share, and NASCON, which went up by 65k to end at N20 per share.

FBN Holdings increased by 30k today to settle at N12 per share, while Eterna rose by 28k to finish at N5.98k per share.

On the flip side, Seplat led the losers chart with N38 of its share value lost to close at N722 per share.

Lafarge depreciated by N2.65k to end at N50.35k per share, while Cadbury Nigeria went down by N1.45k to end at N14 per share.

Nigerian Breweries declined by N1.30k to settle at N127.20k per share, while Stanbic IBTC slumped by 85k to finish at N48.15k per share.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.