Stock market dips further, declines by N52bn

Transactions on the floor of Nigerian Stock Exchange (NSE) on Wednesday sustained its volatility, declining by N52 billion.

Specifically, Market capitalisation of listed equities declined further by 0.49 per cent to N10.626 trillion from N10.678 trillion traded on Tuesday.

The NSE All Share Index also depreciated by 136.62 basis points  to 28286.08 points from 28422.70 points reported the previous day.

Investors traded 176.741 million shares valued at N2.076 billion in 3294 deals against 200.075 million shares valued N6.690 billion exchanged hands in 3600 deals.

Capital market operators said the steady decline in prices of goods provide an opportunity for investors to buy stocks at cheaper prices and enjoy good returns in future.

They advised investors to take advantage of low prices of equities and invest in the stocks that recorded good performance in the first quarter of this year, adding that such investors stand the chance of getting dividend and capital appreciation before end of the year.

A review of the trading activities during the day showed that Dangote Sugar Refinery led gainers table during the day appreciating by N0.25 kobo to close at N13.85 kobo, UAC of Nigeria followed with a gain of N0.25 kobo to close at N7.55 kobo, United Capital appreciated by N0.05 kobo to close at N2.45 kobo, Chams Plc added N0.03 kobo to close at N2.45 kobo while ABC Transport advanced by N0.02 kobo to close at N0.29 kobo

On the contrary, Forte Oil topped losers chart, dropping by N3.45 kobo to close at N31.50 kobo, Cement Company of Northern Nigeria trailed with a loss of N1.40 kobo to close at N13.90 kobo, Dangote Flour Nigeria Plc down by N0.75 kobo to close at N16.25 kobo, Dangote Cement Company fell by N0.50 kobo to close at N178.00, Union Bank of Nigeria down by N0.25 kobo to close at N6.75 kobo

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