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Equities Market Begins Week Bearish, Sheds 0.37%

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The Nigerian equities market commenced this week trading session, yesterday on a negative note with a decline of 0.37 per cent.

The All Share Index (ASI) shed 110.37 absolute points, representing a dip of 0.37 per cent to close at 29,936.33 points. Similarly, the market capitalisation shed N41 billion to close at N13.192 trillion.

Yesterday’s performance was influenced by price depreciation in medium and large capitalised stocks, among which are, Dangote Cement, MTN Nigeria, Guinness Nigeria, Oando and Nigerian Aviation Handling Co (NAHCO).

Analysts at APT Securities and Funds Limited said that “We retain our cautious trading advice in the short run. However, accumulation of fundamentally justified and dividend paying stocks for mid to long term is recommended.”

Market breadth was negative with 16 gainers against 20 losers. Prestige Assurance recorded the highest price gain of 10 per cent, to close at 55 kobo, per share. Forte Oil followed with a gain of 9.86 per cent, to close at N32.30, while Wapic Insurance rose by 9.76 per cent to close at 45 kobo, per share.

Courteville Business Solutions rose by 9.52 per cent to close at 23 kobo, while Japaul Oil & Maritime Services gained 4.17 per cent to close at 25 kobo, per share. On the other hand, Royal Exchange led the losers’ chart by 8.33 per cent, to close at 22 kobo, per share. NAHCO followed with a decline 6.35 per cent  to close at N2.80, while Thomas Wyatt Nigeria declined by 6.06 per cent to close at 31, per share.

Oando declined by 5.13 per cent to close at N3.17, while United Capital down by 4.72 per cent, to close at N2.22, per share.

However, the total volume traded went up by 1,867.26 per cent to 2.86 billion units, valued at N3.92 billion, and exchanged in 3,360 deals. Wema Bank traded 2.7 billion shares valued at N1.71 billion. Fideity Bank followed with 24.64 million shares worth N42.88 million, while Thmas Wyatt Nigeria traded 22.91 million shares valued at N7.10 million.

Zenith Bank traded 15.64 million shares valued at N315.17 million, while Access Bank transacted 10.44 million shares worth N66.29 million.

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