Profit-taking in many blue-chip stocks, especially in UPDC Real Estate Investment Trust and Japaul Gold and Ventures, dragged transactions on the Nigerian Exchange Limited to reverse gains, causing market capitalisation to dip by N49 billion.
Analysts at Vetiva Dealings and Brokerage said: “Despite the slight recovery in the consumer goods and the insurance sectors, the domestic bourse closed south due to continued decline in the banking sector and we expect this bearish sentiment to filter into tomorrow’s trading session, amid bargain hunting in some counters spurred by cheap valuations, and continued sell offs in other counters.”
Regency Assurance depreciated by 2.50 kobo to close at 39 kobo. PZ Cussons dropped 1.67 to close at N5.90 kobo. Cutix depreciated by 1.51 per cent to close at N2.61 kobo. Stanbic IBTC also shed 1.37 per cent to close at N2.61 kobo. NGX Group garnered 2.88 per cent to close at N17.85 kobo. Jaiz Bank gained 1.59 per cent to close at 64 kobo. Honeywell flourmills added 1.08 per cent to close at N3.74 kobo. Nigerian Breweries also garnered 1.06 per cent to close at N47.50 kobo.
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