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Equities Market Sheds N61bn On Sustained Profit Taking

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The Nigerian equities market, yesterday, further declined by N61 billion amid sustained profit taking activities.

In summary, the All -Share -Index (ASI) shed 165.53 absolute points, representing a dip of 0.53 per cent to close at 31,178.71 points.

Similarly, the market capitalisation shed N61 billion at N11.627 trillion. The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Zenith Bank, Guaranty Trust Bank, Access Bank and Dangote Sugar.

Analysts at Cordros Capital said that “our outlook for equities in the near-to-medium term remains conservative, in the absence of a near term positive catalyst and amidst brewing political concerns.” Also, analysts at Afrinvest Limited anticipated further profit taking in market bellwethers in subsequent sessions.

Market breadth was negative with 14 gainers against 30 losers. Red Star Express recorded the highest price gain of 10 per cent, to close at N5.50, per share. UAC Property Development Co followed with a gain of 9.55 per cent, to close at N1.72, while Wapic Insurance rose by 7.69 per cent to close at 42 kobo, per share.

PZ Industries appreciated  by 7.52 per cent to close at N12.15, while Associated Bus Company  went up by 6.90 per cent to close at 31 kobo per share.

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