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JUST IN: Nigerian Stocks End 8-Day Gains As Banks Slide

by Leadership News
1 year ago
in Business
Nigerian Stocks
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Nigerian stocks fell 1.4%, ending an eight-day rally on Wednesday as investors booked profits from the relatively liquid banking sector, LSEG data showed.

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The All Share fell to 82,024.38 points.

The stock index crossed a psychological threshold of 80,000 points for the first time on Monday.

Profit-taking dominated the day, sending 62 stocks into the red and wiping out N639 billion from the market capitalization.

Following a rapid 11% ascent over the past week, investors opted to lock in profits. This sentiment drove equities down, shrinking market cap from N45.524 trillion to N44.885 trillion.

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Despite the bearish mood, trading volume and value witnessed an uptick. Volume climbed 16.3% to 1.64 billion units, while value rose 17% to N25.38 billion.

Top Gainers and Losers:

Gainers: CADBURY (+9.92%), VERITASKAP (+9.76%), LINKASSURE (+8.70%), TRANSCOHOT (+7.24%), PRESTIGE (+7.24%), BUAFOODS (+5.82%)
* **Losers:** MAYBAKER (-10.00%), CHAMS (-10.00%), CAVERTON (-10.00%), FTNCOCOA (-10.00%), CORNERST (-10.00%), CONHALLPLC (-10.00%)

Heavyweights Wobble: Blue-chip stocks like ZENITHBANK (-9.93%), UBA (-9.97%), GTCO (-8.71%), MTNN (-4.41%), and BUACEMENT (-0.05%) faced selling pressure, while DANGCEM (+3.83%) and BUAFOODS (+5.82%) managed to buck the trend.

Short-Lived Triumph: Notably, FBNH and ACCESSCORP, which briefly breached the N1 trillion market cap mark yesterday, retreated after declines of -9.79% and -6.23% respectively.


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