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Nigerian equity continues seesaw movement; dips 0.54%



Sell-off on bellwether stocks sustained seesaw movement for the fifth consecutive trading in the Nigeria equity market, dipping 0.54 per cent on Tuesday.

Sell pressure in Total, GTBank, MTNN and 14 others caused the All-Share Index (ASI) decline by 133.45 absolute points, representing a dip of 0.54 per cent to close at 24,650.16 points, while the Market Capitalization shed N69.61 billion, contracting  0.54 per cent to close at N12.86 trillion as the Nigerian Stock Exchange year-to-date return worsened to -8.2 per cent.

Mutual Benefit, Julius Berger, and Unity topped the 14 advancers, while Total, Seplat and NPF MFB led the 17 other decliners.

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Investors traded a total of 150.40 million equities worth N1.98 billion in 3,780 deals, with volume and value declining 0.72 per cent and 16.09 per cent respectively.

Mutual Benefit ad AIICO helped the Insurance sector to appreciate o.4 per cent to emerge the only gainer.

On the other hand, the Oil & Gas slipped 5.2 per cent and AFR-ICT sectors dipped 0.9 per cent decline on the back of losses in SEPLAT, TOTAL and MTNN.

The Banking sector was also down 0.5 per cent and Consumer Goods index fell 0.1 per cent due to sell-pressures in GTBank, FBNH, PZ and GUINNESS.

The Industrial Goods index, however, closed flat.

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