Stock Market Begins First Trading Week with N32bn Decline

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The stock market of the Nigerian Exchange Limited (NGX) commenced March dropping by N32billion on investors’ profit-taking in large-mid capitalised stocks.

Particularly, investors’ intense profit-taking activities witnessed in Lafarge Africa that depreciated by 8.8per cent to N24.00 per share, United Bank for Africa plc that declined by 5.2 per cent to close at N8.25 and Zenith Bank that dropped by 1.9 per cent to close at N26.45 drove the weekly stock market loss.

Consequently, the stock market Month-till-Date (MtD) and Year-till-Date (YTD) return for the index moderated to -0.31 per cent and +10.7per cent, respectively.

On sectors, the NGX Oil and Gas added 10.6 per cent to become the lone advancer while the Banking (-2.7per cent), NGX Consumer Goods (-1.7per cent), Industrial Goods (-0.7per cent), and Insurance (-0.2per cent) indices declined.

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