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The equities market shed N463.7 billion last week as the bullish streak was halted by persistent profit taking. Following the unprecedented growth recorded in the month of November, many investors have been locking in profits. Despite the pockets of profit taking, the market had maintained a positive weekly performance.
The stock market declined by 2.5 per cent last week following profit taking after weeks of sustained growth. The market, which spiked by 12.9 per cent the previous week, closed lower last week as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) shedding 2.5 per cent to be at 34,136.82. The market capitalisation closed lower at N17.838 trillion.
Despite the release of corporate earnings by many companies, the Nigerian equities market closed last week downtick following profit taking in bellwether stocks.
A capital market expert, Prof. Uche Uwaleke, on Monday urged Securities and Exchange Commission (SEC), and the Nigerian Stock Exchange (NSE) to ensure effective regulations to strengthen investors’ confidence in the equities.
Some financial experts on Monday said that the Nigerian Stock Exchange (NSE) performance this week would be determined by third quarter results and September inflation report anticipation.
Vice President Yemi Osinbajo will represent Nigeria at the sixth inauguration of President Yoweri Museveni of Uganda.
The Lagos State Government on Tuesday said it had recovered more than N50 million from parties involved in illegal real estate transaction activities.
The state’s Deputy Governor, Manassah Jatau, made the declaration in Gombe on Tuesday when a Presidential Visitation Panel, led by Prof. Kenneth Okiongbo, visited the school.
The Bauchi State Road Traffic Agency (BAROTA), on Tuesday, reiterated that activities of commercial motorcycle riders, popularly known as ‘Okada’ or ‘Achaba’, remained banned in the state.
An African regional organisation said about 60 per cent of people from South Sudan are facing “their worst food security” and nutrition crisis since the country became independent a decade ago.
China’s population grew at its slowest since the 1950s as births declined, sowing doubt over Beijing’s ability to power its economy as it succumbs to the same ageing trends afflicting developed nations like Japan.
Professionals in the education sector in Enugu have bemoaned the low number of male teachers in schools across the state.
Governor Nasir El-Rufai of Kaduna State has said the southeast cannot get the presidency by “threats or by shouting victimhood”.
About 148 internally displaced persons at International Christian Centre in Ohogua, Ovia North East Local Government Area, Edo, may miss 2021/2022 UTME due to SIM card issues.
Britain on Friday said it was willing to step in to host the Champions League football final, after the UK government placed Turkey on a coronavirus travel red list.