Fidelity bank banner UBA 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: 3,335


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...
Court upholds National Assembly's power to re-oder election...

Breaking News: Gombe GOVERNOR’S HOUSE BOMBED

24th NES: Stanbic IBTC underlines support for diligent...

FG sets up committee to screen degrees obtained...

Nigerians condemn jubilation over Ibori’s freedom

Delta indigene appointed Judge in USA •Appointment well...

Thousands dump APGA for PDP 2 weeks ahead...

Minister raises alarm over plot to assassinate him...

Save Lagos Group demands immediate release of El-Zakzaky...

Nigerian Embassy’s missing $27 million: Unknown men trail...

Buhari extols Murtala Muhammad, urges Nigerians to emulate...

The day Muslim youths stoned Kogi State Governor...

 

Latest News Katsina APC lawmaker defects to PDP BREAKING: Senate refuses to confirm EFCC, ICPC nominees over lopsided appointments Kidnappers tie lecturer to tree, shoot him dead after ransom was paid 20,000 APC members defect to PDP in Akwa Ibom N27bn fraud: How EFCC arrested ex-Gov Orji’s son, friend at Abuja night club 2019: We’ll soon decide on Buhari, Atiku — Miyetti Allah Nigerian Army guilty of war crimes: ICC Obiano, Oye must go, says APGA chieftain Court orders trial of Prophet Ayorinde over alleged N118 million dud cheque PDP rejects Kashamu, insists Adebutu is ‘authentic’ Ogun guber candidate FG, ASUU break impasse with partial agreement Magu warns against vote-buying, calls for youth participation in political process

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (429,586 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (394,614 views) Shameless Genevieve Nnaji exposes breasts in public (327,532 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (280,873 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (247,695 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (229,181 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (211,981 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (193,196 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (179,465 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (170,353 views) Lagos plane crash: Journalist releases victims’ names (167,132 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (153,629 views)

 

Zenith Zero Balance First Bank chat banking

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (76) Business & Economy (3,872) Business Verdict (54) Columnists (972) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (575) Features (679) Global Business Monitor (311) International (2,805) Interview (167) Live Commentary (28) Love Matters (146) Maggie's Blog (69) News (41,338) Opinion (1,150) Pidgin (13) Politics (8,114) Religion (911) Sports (1,813) Stock Watch (35) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera