Tuesday, January 23, 2018 7:14:28 AM- Nigerian Stock Exchange.

  Rally fades but Oil & Gas stocks remain hot


Dec 6 (Lagos) - The rally that started on Friday faded today as investors desperate for any profits they can get booked those gains. 

However the oil and gas stocks remained hot on the back of increasing crude oil prices internationally and rising diesel prices in Nigeria. Diesel is hitting very high levels and there is shortage in the country which is going to send these prices even higher. 

TOTAL and FO gained 10% today MOBIL , CONOIL and MRS were unchanged. ETERNA gained 2.68% while OANDO declined 2.98% today. 

Heavyweight stocks DANGCEM and NESTLE both declined today by 1.15% and 1.23% respectively which was the main cause of today's decline in the All Stock Index. 

Among Banks FBNH and FCMB impressed with gains of 3.32% and 4% respectively. 

Insurance stocks continued to disappoint. 

TRANSCORP gained 7.89% but this stock is down sharply this year. 

Overall the volumes did not impress and liquidity was thin. A day to forget at the exchange unless you own TOTAL or bought FO & TRANSCORP last week then it was sweet for you.

reporting for easykobo.com on Tuesday, Dec 6 2016 from Lagos, Nigeria

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