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Equities Market Opens Week With 0.24% Decline

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The Nigerian equities market commenced the trading week, yesterday, on a negative note as the Nigerian Stock Exchange All-share Index (NSE-ASI) posted a loss of 0.24 per cent.

In summary, the All Share Index (ASI) was down by 199.92 absolute points, representing a decrease of 76.76 points or 0.24 per cent to close at 32,048.18 points. Similarly, the market capitalisation decreased by N28 billion, closing at N11.700 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Unilever Nigeria, Nigeria Breweries, cement Company of Northern Nigeria (CCNN), Northern Nigeria Flour Mills (NNFM) and Ecobank Transnational Corporation.

Analysts at Afrinvest Limited said, “yesterday, we observed a largely positive performance till the last hour of trading as investor profit taking on large counters wiped off early trading gains. Nonetheless, we opine that bargain hunting would lift performance tomorrow while maintaining our near term bearish outlook.”

Market breadth closed negative, recorded 17 gainers against 24 losers. Cadbury Nigeria and UAC of Nigeria recorded the highest price gain of 10 per cent, each to close at N9.90, each, while Presco followed with a gain of 9.86 per cent to close at N65.75, per share.

McNichols rose by 9.76 per cent to close at 45 kobo, while Fidson Medical appreciated by 8.70 per cent to close at N5 per share. On the other hand, CCNN led the losers’ chart by 9.38 per cent, to close at N18.35, per share. NNFM followed with a decline of 9.35 per cent to close at N4.85, while Prestige Assurance lost 8.93 per cent to close at 51 kobo, per share.

Niger insurance shed 8.33 per cent to close at 22 kobo, while Union Diagnostic & Clinical Services depreciated by 7.41 per cent to close at 25 per share.

The total volume traded depreciated by 34 per cent to 157.83 million shares, worth N1.75 billion, and traded in 3,134 deals. Transactions in the shares of Access Bank topped the activity chart with 18.86 million shares valued at N156.52 million. FCMB Groups followed with 14.51 million shares worth N22.87 million, while Guaranty Trust Bank traded 13.13 million shares valued at N498.92 million.


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