Fidelity bank banner Bayelsa State banner
Nigerian stocks down to almost two-week low

By News Express on 15/08/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 2,852


Nigerian stocks fell on Tuesday to a near two-week low, dragged down by losses in banking, cement and fast moving consumer good sectors, as some investors took profits from previous gains in the market, traders said.

The main share index declined 2.25 percent to 37,096 points, bringing it down to a level last seen on Aug 3.

The market had rallied for eight consecutive weeks and peaked at a 33-month high last week before profit takers took advantage of the gains to sell their holdings.

“The market was just reflecting global trend in the last few days, which has seen many major stock markets falling,” Rasheed Yussuff, chief executive of Trust Yields Securities, said.

He said it was normal for the market to experience some bearish moment having been rising for almost two months.

Low stock valuation and the relative stability in the foreign exchange market over the last few months have helped to draw many offshore investors into the equity market, leading to a surge in the domestic equity market.

The equity market has benefited from the recovery in liquidity on the currency market with the introduction in April of a new forex window for investors to trade the naira at market-determined rates.

Equally, most of the gains over the last two weeks were driven by increases in profitability announced by many major listed companies.

Major decliners on Tuesday included Dangote Cement, which accounts for a third of the market capitalisation. Shares in the cement firm fell 4.26 percent, energy firm Forte Oil was down 4.63 percent while household product maker PZ Cussons declined 5 percent.

Other losers were First Bank Holdings, down 3.06 percent, Fidelity Bank, which fell 3.82 percent, and Union Bank which was down 3.5 percent. (Reuters)

Source News Express

Posted 15/08/2017 10:17:44 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Saudi Arabia arrests 11 princes after protest

Team Freedom throws weight behind 2Face, rouses Nigerians...

Eko Disco apologises for prolonged blackout

Magu a serial human rights abuser, lawbreaker —...

PDP member killed during PVC exercise in Lagos...

Economic Summit: Ekweremadu lauds unity among South-East Govs...

Easter: FG declares March 25, March 28 as...

Why terrorists bombed Nyanya for the second time...

Setback for war against terror?: Northern Senators move...

NAPTIP opens Zonal Command in Osogbo

College of Education Registrar dismisses report, says students...

South Africa bars American Pastor over alleged hate...

 

Latest News 2018 Budget Cuts: South East, Niger Delta worst hit My imprisonment story: Judge jailed me because I refused to give him bribe — Uwazuruike 2019: PDP woos Obasanjo Tough contest for seven key offices as APC holds convention Army kills 7 Boko Haram terrorists, recovers weapons in Borno Ohanaeze demands immediate release of Senator Abaribe by DSS Buhari reinstates 3 suspended permanent secretaries 2 toddlers drown in Jigawa pond Negotiations for Chibok/Dapchi girls release stalled Buhari appoints 4 CBN Non-Executive Directors, others EFCC receives 654 petitions from Edo, Delta, Ondo Osinbajo launches tech hub, says Nigeria future in technology

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (352,789 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (352,493 views) Shameless Genevieve Nnaji exposes breasts in public (280,732 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (230,462 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (209,313 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (209,184 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (182,117 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (164,292 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (154,076 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (148,900 views) Lagos plane crash: Journalist releases victims’ names (144,081 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (135,831 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (50) Business & Economy (3,265) Business Verdict (44) Columnists (871) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (506) Features (607) Global Business Monitor (284) International (2,050) Interview (155) Live Commentary (28) Love Matters (124) News (36,431) Opinion (1,005) Pidgin (10) Politics (5,316) Religion (772) Sports (1,559) Stock Watch (30) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Argentina vs Croatia Goals

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement