Stock market investors lose N11billion on trading floor

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Continued share price depreciation on the equity sector of the Nigerian Stock Exchange (NSE), yesterday pulled the market capitalisation further down by N110 billion.

At the close of trading yesterday, All-Share Index (NSE-ASI) shed 303.16 absolute points, representing a decline of 0.81 per cent to close at 36,963.70 points, while year-to-date loss rose to 3.35 per cent.

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Also, the market capitalisation declined by N110billion to close at N13.390trillion.

The depreciation was impacted by losses recorded in medium and large capitalised stocks, Okomu Oil, Stanbic IBTC Holdings, Lafarge Africa, International Breweries, and Julius Berger.

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Analysts at Afrinvest Limited, said: “Despite the negative sentiment in the market, we anticipate a rebound in subsequent sessions as investors hunt for bargain opportunities.

Our view is further buttressed by the Relative Strength Index (RSI) of 36.1 points which is close to the oversold region.”

Market breadth closed negative, with 14 gainers versus 33 losers. Sovereign Trust Insurance recorded the highest price gain of eight per cent to close at 27kobo per share.

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Wema Bank followed with a gain of 7.94 per cent to close at 68kobo, while Japaul Oil and Maritime Services appreciated by 6.45 per cent to close at 31kobo per share.

Mutual Benefits Assurance appreciated by 5.88 per cent to close at 36kobo, while Continental Reinsurance gained 3.45 per cent to close at N1.50 per share.

On the other hand, Capital Oil, and Julius Berger led the losers’ chart by 10 per cent each, to close at 27kobo and N24.30 respectively, while GlaxoSmithKline Consumer Nigeria followed with a loss of 9.97 per cent to close at N16.70 per share.

PZ Industries declined by 9.94 per cent to close at N15.40, while Consolidated Hallmark Insurance shed 9.68 per cent to close at 28kobo per share.

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Also, the total volume traded declined by 32.84 per cent to 203.80 million shares worth N2.39billion traded in 4,178 deals.

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Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 20.71 million shares valued at N26.56million.
Osinbajo’s convoy attack customs officials in Katsina
Police officers attached to the convoy of Vice President Yemi Osinbanjo yesterday attacked and beat up three customs officials in Katsina State.

The incident occurred at Daddara village in Jibia Local Government Area, when the vice president was in the state to condole with victims of the flood disaster, which left more than 50 people dead.

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Trouble started when the customs officials had apprehended a vehicle, which allegedly had contraband products smuggled by some youths from neighbouring Niger Republic.

It was while the customs officials were struggling to impound the vehicle belonging to the suspected smugglers that the vice president’s convoy passed the village.

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An eyewitness said the customs officials were threateningly brandishing their rifles to ward off several youths who had stormed the scene in show of sympathy to the smugglers.

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He said the police in the convoy of the vice president, on seeing what the customs officials were doing with their weapons, perceived it as a security threat.

“Several policemen immediately came down from their vehicles and descended on the customs officials. One of them even fired a shot into the air.

I saw one of the policemen struggling to collect a rifle from one of the customs officials, but when he couldn’t, he continued to slap the customs official,” he added.

He said that the suspected smugglers however used the opportunity of the commotion to move their vehicle away from the scene.

“Some of the youths that had gathered also threw stones at the customs officials’ vehicle and continued to boo them till they left the area.”

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