060812 Market opens the week bearish, All-Share Index pulls back by -0.44%

Nigerian stocks halt three days gaining streak to open the new week on bearish note as sentiments turned negative. Market succumbed to sell pressure considerably on the back of weak bargain posture witnessed across the board.

The outlook suggests price retracement as market erased previous gain completely while trading within overbought range. To this regard, a cautious approach is advised as market price volatility may gain tempo in the coming periods.

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Forte Financial Limited, an approved capital market operator yesterday filed a lawsuit against Starcomms Nigeria Plc, Stanbic IBTC Plc, and Chapel Hill Advisory Partners Limited at the Federal High Court, Lagos, Nigeria.

The company, in its writs of summons obtained by Proshare NI avers that the entire Private Placement transaction was a vehicle of fraud and illegality perpetrated on hundreds of Nigerian investors. They aver that the Defendants wilfully conducted the Private Placement in a manner contrary to statute and the Plaintiff was induced to enter into it under false representations.

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