The stock market sustained its bearish run yesterday as 36 stocks, including bellwethers, recorded price losses while only eight stocks appreciated.
Analysts at Cordros Capital Limited said in the absence of a positive catalysts, as well as the still tense polity, investors should trade cautiously in the short term. The bears were dominated by bellwethers such as Dangote Cement Plc, Zenith Bank Plc, Access Bank Plc, GTBank Plc and Double One Plc. However, International Breweries Plc led the losers’ table with 9.9 per cent, trailed by A.G Leventis Nigeria Plc with 8.8 per cent. Jiaz Bank Plc and Linkage Assurance Plc went down by 8.6 per cent and 7.9 per cent respectively.
Going by the target of both banks, the merger would be concluded soon while the new enlarged entity would be begin to operate from April 11, 2019.
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