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Equity market extends downtrend to three consecutive days



Promising stocks to watch for strategic investments

The Nigerian Stock Exchange (NSE) ended the trading week on a bearish note, stretched its downtrend to three consecutive trading sessions, driven by losses recorded by blue chip organizations.

It shed -0.21 per cent to bring the All-Share Index to 34,037.91 at the close of business on Friday, which the market capitalisation lost N26 billion to close at N12.426 trillion compared with N12.452 trillion achieved the previous day.

Dangote Cement led 13 other losers, dropping N1 to close at N20.9 per share, with UBN followed with a loss of 55k to close at N5.3 per share.

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Lafarge Wapco depreciated by 15k to close at N23, while Oando Oil and Zenith Bank lost 1k each to close at N5.25 and N20.9 per share respectively.

On the other hand, Glaxosmith topped 13 other the gainers, adding N1.2 to close at N14.3 per share, and was followed by Mobil Oil which gained of N1 to close at N180, while Dangote Sugar increased by 9k to close at N16 per share.

Despite the Central Bank’s penalty against it, Diamond Bank gained 1k to close at N1.33, while Maybaker appreciated by 0.09k to close at N2.49 per share.

In all, investors staked N2.10 billion on 155.95 million shares in 52,715 deals, representing a growth of 5.19 per cent.

This was against 164.500 million shares worth N2.07 billion traded in 3,188 deals on Friday.

The financial services sector remained the most active with GTBank emerging the most traded equity with 27.19 million shares worth N948.89 billion.

Zenith Bank came second with 19.68 million shares valued at N412.01 million, while Sovrenins sold 12.66 million shares worth N3.04 million.

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