Sterling Bank Grows Net Profit By 14.9%

The Nigerian stocks market dwindled by 1.66 per cent on renewed profit taking activities to close the business for yesterday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Beta Glass, Nigerian Breweries, Cement Company of Northern Nigeria and Dangote Flour Mills. They however, said there is no cause for alarm as investors are encouraged to focus on liquid stocks that have been affected by downward trend, likewise dividend paying stocks bearing in mind that strong fundamental is a good reason to position for mid to long term amidst dwindled stock price.

Caverton Offshore Support Group appreciated by 8.84 per cent to close at N2.71, while Unity Bank gained 8.75 per cent to close at 87 kobo, per share. On the other hand, Union Diagnostic & Clinical Services led the losers’ chart by 10 per cent, to close at 27 kobo, while Beta Glass followed with a decline of 9.94 per cent to close at N64.80, per share.

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