Stock market halts three days losing streak

Local equities rebounded on resumed bargain hunting activities as overall performance measures, NSE ASI and market capitalisation, grew by 0.07 per cent each, halting three days losing streak. The Nigerian stock market had tumbled for the third day as investors retreated following market apathy. The bullish activities was driven by consumer goods and financial services stocks, which were highly sought after. At the close of business, 18 stocks appreciated, while 17 other stocks declined. Consequently, the All-Share Index gained 18.65 basis points or 0.07 per cent to close at 25,496.71…

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US stocks struggle amid pick up in volatility

US stocks tumbled yesterday as volatility measures continued to climb. Havens, including gold and Treasuries, edged higher, but oil fell slightly after a government report showed stockpiles dropped from record levels while production increased. The S&P 500 Index was down 0.45 per cent at 2343.29 in New York, while the Dow Jones Industrial Average fell 0.30 per cent to 20,571.37. The Chicago Board Options Exchange SPX Volatility Index, better known as the VIX, rose four a fourth consecutive day, gaining 5.6 per cent. The index has increased more than 23…

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Oil falls as investors cut bullish bets on worries over US output

Oil fell on Monday as investors continued to unwind bets on higher prices after record cuts last week because of concerns that growing U.S. oil output could hamper an OPEC-led deal on production reductions. Benchmark Brent crude futures were down 31 cents at $51.45 a barrel by 1409 GMT. U.S. West Texas Intermediate (WTI) crude futures fell by 52 cents to $48.26. “Speculative investors have thrown in the towel, it seems. We’ve got record selling in the week ending March 14 and the bleeding has not stopped yet,” said Carsten…

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