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Published On: Thu, Sep 20th, 2018

Insurance sector sell-off drags capital market down, loses 0.02%

The Equity Market on Wednesday shed 0.02 per cent, reversing yesterday’s positive sentiment.

The downturn was on the back of the massive sell-off in Insurance stocks among others, which dragged the All Share Index (ASI) down by 5.88 absolute points, representing a dip of 0.02%, closing at 32,375.12 points.

The Market Capitalization also dipped by N2.14 billion, representing a decrease of 0.02%, closing at N11.82 trillion.

The 24 gainers could not buoy the bourse’s decline. Forte Oil was at the fore of the advancers, adding 10 per cent to closed at N22.00.

On the other hand, Mansard   Insurance shed -9.65 per cent to led other 12 losers.

Royal Star Express was the most advance stock, with 60,326,697 of the shares worth N299.31 million exchanging hands.

A total volume of 190,353,890.00 shares were sold in 2,780 deal, valued at over N1.77 billion.

The Nigerian stock market has lost 15.47 per cent in the past six months and has declined -7.31 per cent year-to-date as portfolio investors abandon emerging markets due to higher yields in developed markets.

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