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Published On: Wed, Jan 9th, 2019

Nigerian equity market decline continues on heightened political risk

Stockbrokers at the floor of the Nigerian Stock Market

By FELIX OLOYEDE

The Nigerian Stock Exchange extended its bearish trend to six consecutive trading days in the New Year as Election jitters continue to weigh on market performance on Wednesday.

The equity market’s the All Share Index (ASI) dropped 699.35 absolute points, a decline 2.33 per cent to close 29336.80 points.

The downtrend was largely influenced by the dip recorded by the industrial goods and insurance sectors as it witnessed 14 gainers against 19 losers.

In the same vein, the Market Capitalization shed N260.79 billion, representing a dip of 2.33 per cent, closing at N10.94 trillion.

Julius Berger gained 10 per cent and UPL shed -10 per cent to emerged top gainer and loser respectively.

All the sectors in the market declined except the oil and gas and consumer goods sector, which added 0.15 per cent and 0.74 per cent respectively.

Investors exchanged 54.67 million shares of Diamond Bank worth N103.94 million to emerge the most active stock in terms of value, while GTBank sold 27.68 million shares worth N865.70 million to become the most active stock in terms of value.

A total of 234.90 million shares valued at N2.25 billion were traded by investors in 3,806 deals on Wednesday.

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