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Equities Market Begins Trading Week With N54bn Loss

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The Nigerian equities market began trading week, yesterday on a negative note as investors lost N54 billion. The All Share Index (ASI) fell by 110.81 points or 0.40 per cent to 27,808.69 points.

Accordingly, investors lost N54 billion in value as market capitalisation declined to N13.553 trillion. The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are: Nigerian Breweries, MTN Nigeria, NASCON Allied Industries (NASCON), CI Leasing and Flour Mills Nigeria.

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 closed negative, 14 stocks posted gains while 19 stocks posted declines. Africa Prudential recorded the highest price gain of 8.82 per cent, to close at N3.70, per share. United Bank for Africa (UBA) followed with a gain 8.18 per cent to close at N5.95, while Ikeja Hotel appreciated by 6.57 per cent to close at N1.46, per share.

Sovereign Trust Insurance went up by 4.76 per cent to close at 22 kobo, while UAC of Nigeria (UACN) appreciated by 3.70 per cent to close at N5.60,  per share. On the other hand, NASCON led the losers’ chart by 10 per cent, to close at N13.50, per share. Consolidated Hallmark Insurance followed with a decline of 9.68 per cent to close at 28 kobo, while Linkage Assurance went down by 9.38 to close at 58 kobo, per share.

CI Leasing lost 8.08 per cent to close at N4.55, while Transnational Corporation of Nigeria (Transcorp) shed 6.86 per cent to close at 95 kobo, per share.

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