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: 3,083


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

 

You may also like...
Police gives 2 weeks deadline to criminals in...

Anti-corruption crusaders raise query over Ejigbo-Idimu (Lagos) Road...

Bayelsa Muslim women give children, others unforgettable Eid-el-Fitri...

How we rescued abducted Chibok school girl, nabbed...

Buhari’s running mate: Why APC may dump Amaechi...

Gunmen kill 7 policemen in Abuja

NIMASA DG calls for concerted efforts to combat...

Obiano woos royal fathers, moves to make Anambra...

2 policemen killed in Benue ambush

Wrestling legend Hulk Hogan awarded $115 million in...

2019: Group rules out upper-class leaders, opts for...

HURIWA condemns attempt on Stella Oduah’s life, cautions...

 

Latest News 2019: Ambode offered ‘big federal job’ to abandon governorship bid Woman sells baby to raise money for Christmas Delta community petitions Buhari over Army’s refusal to return occupied land Leadership tussle tears Enugu APC apart Disease outbreak looms as floods spread National Assembly passes another amended version of Electoral Act Amendment Bill Buhari, 87 other Presidents to address 73rd Session of United Nations General Assembly Over 100,000 cases pending in Federal High Court, CJ reveals Ohanaeze seeks to promote Igbo language in Lagos 1.3bn people at risk of tuberculosis — WHO Flood: Obiano summons emergency meeting of stakeholders Enelamah calls for active collaboration between private sector and government

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (394,281 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (375,616 views) Shameless Genevieve Nnaji exposes breasts in public (307,112 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (249,748 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (231,256 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (221,115 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (199,214 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (180,833 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (164,913 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (162,910 views) Lagos plane crash: Journalist releases victims’ names (157,569 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (146,458 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (62) Business & Economy (3,608) Business Verdict (51) Columnists (927) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (546) Features (651) Global Business Monitor (299) International (2,407) Interview (164) Live Commentary (28) Love Matters (143) News (38,968) Opinion (1,105) Pidgin (11) Politics (6,626) Religion (866) Sports (1,693) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

I am Imo State's New Governor -- Okorocha's son-in-law Uche Nwosu...

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement