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Trading resumes with marginal growth

10 December 2013, 17:39

Lagos -The Nigerian equities market recorded a marginal growth of 0.02 percent on Monday, sending signals of likely bearish week ahead.

The Nigerian Stock Exchange (NSE) All-Share Index (ASI) closed at 38 747.51 up from 38 738.15 last Friday, while market capitalisation added N5billion to close at N12.395 trillion.

Analysts at Cordros Capital Limited, an investment firm, said they expected the market to come under continued pressure as Monday’s trading pattern suggested a growing bearish momentum.

There were more price losers than gainers at the close of trading as 30 stocks shed weight compared with 26 that appreciated.

Many blue chips were among the price losers, led by Guinness Nigeria Plc and Okomu Oil Palm Plc with N1.00 apiece.

However, the loss by Okomu Oil was expected considering the dismal nine-month results released last week.

According to the unaudited results of Okomu Oil, revenue fell by 14 percent to N6.788 billion, from N7.957 billion in the corresponding period of 2012.

However, high administration and finance charges depressed the company’s profit to N1.612 billion, compared with N3.784 billion in 2012.

-   NAN


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