Monday, May 17African Business News
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Tag: Japaul Oil

Sell-offs persist as investors wealth depreciate further by 0.33%

Sell-offs persist as investors wealth depreciate further by 0.33%

Capital Market
Following sell pressure in most blue chip stocks, transactions on the Nigerian Stock Exchange  (NSE), continued on a downturn yesterday, causing the All-Share Index (ASI) to slip further by 0.33 per cent. At the close of trading yesterday, the ASI dropped 84.91 absolute points, a 0.33 per cent dip to close at 25,497.32 points. Similarly, the overall market capitalisation shed N44 billion to close at N13.302 trillion. The downturn was impacted by losses recorded in large and medium value stocks, including Guaranty Trust Bank, Guinness Nigeria, Zenith Bank, Union Bank of Nigeria (UBN), and Arbico Plc. Capital market analysts noted that the downtrend was supported by value depreciation recorded in share prices of some tier one banks, as investors continue to book profit given the rece...