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Profit-taking drags Nigerian equity market down for third consecutive sessions

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Profit-taking in some bellwether stocks such was Dangote Cement, Nestle and Nigerian Breweries caused the Nigerian equity market to decline for the third consecutive trading session on Tuesday.

The All-Share Index (ASI) shed 614.17 absolute points, representing a decline of 1.77% to close at 34,159.91 points, while Market Capitalization lost N320.93 billion, representing a decline of 1.77% to close at N17.849 trillion, as the YTD return moderated to 27.27%.

OANDO, and WAPIC emerged joint-top-losers with a maximum loss of –10% each, while BOCGAS, for the second straight-session, topped the gainers’ chart with a gain of 9.96%.

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Investors exchanged 9.36 million units of stocks worth N12.02 billion in 8,712 deals with 30 losers as against 17 gainers.

The Banking sector was the top gainer, appreciating 0.75%, while other sectors went southward.

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