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2019 budget signing fails to inspire investors as market dips 2.22%

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Stock market extends down trend by 0.47%

Despite the signing of the 2019 budget appropriation into law by the President Muhammadu Buhari on Monday, the Nigerian equity market 2.22 per cent.

The All-Share Index which opened at 30,881.29 shed 686.58 points or 2.22 per cent to close at 30,194.71 on the back of losses by MTN Nigeria Communications and Dangote Cement, which have been hugely responsible for the recent rally the bourse enjoyed.
The market capitalization lost N302 billion or 2.22 per cent to close at N13.299 trillion against N13.601 trillion achieved on Friday.

NEIMETH led stocks which enjoyed positive sentiment, appreciating 9.80 per cent to close at 0.56 per cent and ETI was the second highest gainer, up 9.45 per cent as a total of 14 stocks appreciated.
RTBRISCOE suffered the highest loss, declining -9.38 to close at N0.29 and it was followed by MTN Nigeria, whose listing is being probed by the  Economic and Financial Crimes Commission (EFCC), which shed -7.14 per cent, with 17 other stocks dropping.

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“In line with our expectation, market performance was negative as investors booked profit on large-cap stocks which rallied the previous week. We expect the negative performance to persist in the absence of any major catalyst,” analysts at Afrinvest Limited explained.

Fidelity Bank was the most active stock, with investors exchanging 28.28 million of its shares worth N49.49 million.

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