Insurance, consumer goods, banking stocks dip market by 0.73%

Investors who moved into the market on Wednesday to take profit in earlier rallied insurance, consumer goods and banking stocks caused the market’s decrease by 0.73 percent at the close of trading.

The market’s negative close came depsite mild bargain hunting in oil & gas stocks. This year’s positive return decreased to 37.54 percent. This week, the market has decreased by 2.12 percent, but has risen by 1.22 percent this month.

At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalisation decreased from preceding trading day’s highs of 142,613.47 point and N90.227 trillion respectively to 141,566.3 points and N89.564trillion.

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In 28,745 deals, investors exchanged 721,817,889 shares worth N12.936billion. Champion Breweries, Universal Insurance, Royal Exchange, AIICO and Regency Assurance were actively traded stocks on Wednesday.

Guinness Nigeria decreased from N155.75 to N140.20, losing N15.55 or 9.98 percent. Conoil also dropped from N234.50 to N211.10, losing N23.40 or 9.98 percent. Consolidated Hallmark also decreased from N4.83 to N4.35, down by 48 kobo or 9.94 percent.

Royal Exchange decreased from N2.52 to N2.27, losing 25 kobo or 9.92 percent. Another major decline Ellah Lakes dropped from preceding day’s high of N16.52 to N14.90, losing N1.62 or 9.81 percent.

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ByIheanyi Nwachukwu

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Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.