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    Market Cap. Sheds N470.61 billion as Investors Book Profit…

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    Naija247news Editorial Teamhttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    Following the recent weeks of bullish run, investors in the equities market decided to book profit; hence the overall performance index closed in the red.

    Specifically, the All Share Index (ASI) declined week-on-week by 2.57% to close at 34,136.82 points.

    Similarly, most sub-sector gauges closed
    negative despite the release of largely positive nine-months financial performance of Tier-1 banks during the trading week.

    Particularly, the NSE Banking sub-sector led the laggards as its index fell by 5.98% to close at 409.37 points.

    Also, the NSE Consumer Goods, NSE Oil/Gas and the NSE Industrial indices fell by 4.29%, 4.38% and 0.66% to close at 585.31 points, 215.22 points and 1587.39 points respectively.

    On the positive side, the NSE Insurance index rose by 0.51% to close at 154.97 points.

    Meanwhile, market activity waned as total deals and value moderated by 16.72% and 38.89% to 39,260 deals and N35.89 billion respectively.

    However, the total volume rose by 152.79% to 0.11 billion shares.

    In the new week, we expect the local bourse index to trade sideways as investors stay on the sidelines to take advantage of new support levels.

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