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Equities Market Treads Further Down, Sheds 0.73%

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By OLUSHOLA BELLO, Lagos

The Nigerian equities market continued in a losing streak tempo as it went down by 0.73 per cent yesterday.

The All Share Index (ASI) shed 222.36 absolute points, representing a decline of 0.73 per cent to close at 30,099.83 points. Similarly, the market capitalisation depreciated by N98 billion to close at N13.256 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Mobil Nigeria, Dangote Cement, MTN Nigeria, Nigerian Breweries and Dangote Sugar Refinery.

Analysts at Cordros Capital Limited noted that “In the absence of a positive catalyst, we guide investors to trade cautiously in the short term. However, stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.”

Market breadth closed negative, with 10 gainers versus 15 losers. Unilever Nigeria recorded the highest price gain of 8.22 per cent, to close at N30.95, per share. Associated Bus Company gained 7.14 per cent to close at 30 kobo, while Jaiz Bank appreciated  by 4.35 per cent to close at 48 kobo, per share.

Wapic Insurance appreciated by 2.50 per cent to close at 41 kobo, while NEM Insurance went up by 2.44 per cent to close at N2.10, per share. On the other hand, Sovereign Trust Insurance led the losers’ chart by eight per cent, to close at 23 kobo, per share. Japaul Oil and Maritime Services shed 7.41 per cent to close at 25 kobo, while Dangote Sugar depreciated by 4.35 per cent to close at N11, per share.

Mobil Nigeria declined by 3.82 per cent to close at N163.50, while Sterling Bank down by 3.28 per cent to close at N2.36, per share.

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