Save Austin Fair Yudala banner
Nigerian stocks down to almost two-week low

By News Express on 15/08/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 1,400


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


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
Anti-Corruption Bills ready for passage soon: Senate Committee...

Fayose accuses Fayemi of diversion of N853m and...

Fayose curses his political enemies

Naira depreciates further at the parallel market

2 Nigerians win Shell global entrepreneurship prize

Customs bans importation of rice through land borders...

Boko Haram: FG rallies support for victorious troops...

Human Rights Network applauds Ekiti State Govt. on...

Delta council workers end 2 months strike

NNPC strategises on rehabilitation of refineries

Borno NSCDC vows to curb use of mega...

250,000 Nigerian women die of cancer annually

 

Latest News Dangote begins construction of job centre in Abia BOI, Unity Bank in court over N150m loan Presidential committee to destroy 5,000 illicit weapons in Zamfara •Over 1,000 destroyed in Benue, Katsina Senate overrules Okpara Varsity VC, orders recall of 400 sacked staff Bankers aid money laundering in Nigeria, says Ribadu Nigeria signs Joint Declaration on Economic Cooperation with European Free Trade Association PDP convention: Reconciliation Committee to address grievances, says Dickson Ijaw youths vow to fish out killers of British aid worker FG’s priority is to create better environment for investments — Udoma Deposition threat, an affront to Ibadan people — Olubadan 15,000 innocent civilians killed under Buhari’s watch — Intersociety •Slams atrocity perpetrators and their agents Lagos seals Chisco, Ifex, GUO, other transporters’ offices

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (300,919 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (285,778 views) Shameless Genevieve Nnaji exposes breasts in public (230,457 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (193,421 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (183,441 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (170,060 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (147,176 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (132,557 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (130,572 views) Lagos plane crash: Journalist releases victims’ names (119,033 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (115,496 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (112,114 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,819) Business Verdict (28) Columnists (776) Complaints & Requests (94) Enterprise & Opportunities (195) Entertainment (419) Features (522) Global Business Monitor (193) International (1,687) Interviews (138) Live Commentary (28) Love Matters (92) News (30,972) Opinion (845) Pidgin (9) Politics (4,210) Religion (653) Sports (1,381) Stock Watch (25) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

MOBO Awards

 

APO Group Partner

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!