Profit taking in oil and gas stocks led to a negative close at the stock market yesterday as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) fell marginally by 0.05 per cent to 28,248.86. Specifically, Conoil Plc, which recorded an unprecedented rise due to an impressive 2015 full year and 2016 half year results, went down by 7.0 per cent to be at N36.00. Similarly, Oando Plc shed 4.8 per cent to close at N5.32.
Conoil Plc had appreciated by 97 per cent within seven trading days due to impressive results. The stock, which was N21.59 before the full year results were released on September 9, soared to close at N42.60 per share last week.
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