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Equity market declines N38 bln in value as investors book profits on FBNH, Lafarge

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By Ifeyinwa Ezeokoli 

The domestic equities market started the week’s trading with bearish sentiments, as investors took profits off FBNH and Lafarge Africa stocks, dragging down the value of the market.

The shares of FBNH, the holding company of First Bank Limited was down by 3.3 per cent while that of Lafarge Africa declined by 2.8 per cent at the close of the market.

Consequently, the All-Share Index settled lower by 0.1 per cent at 49,626.05 points compared with 49,695.12 points.

Accordingly, the Month-to-Date and Year-to-Date return settled at -0.4 per cent and +16.2 per cent, respectively.

The market cap of equities listed on the NGX decreased to N26.767 trillion from N26.805 trillion as on the previous close.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Beta Glass, Lafarge Africa, NEM Insurance, FBNH and Fidelity Bank.

United Capital Plc said, “looking ahead, we expect market activity to remain quiet, as investors would stay on the sidelines following the continued hike in Nigerian Treasury Bills (NT-Bills)  stop rates.”

As measured by market breadth, market sentiment closed at par, recording both 13 gainers and losers.

READ ALSO: Ivory Coast sells 2023-2024 cocoa contracts with higher premium

Beta Glass led the losers’ chart in percentage terms by 9.96 per cent to close at N46.10 per share.

NEM Insurance followed with 7.96 per cent to close at N5.20, while Japaul Gold & Ventures fell by 6.90 per cent to close at 27k per share.

Fidelity Bank went down by 6.58 to close at N3.41, while FCMB Group shed 5.71 per cent to close at N3.30 per share.

On the other hand, Multiverse Mining and Exploration drove the gainers’ chart in percentage terms by 9.32 per cent to close at N2.58 per share.

FTN Cocoa processors followed with 6.67 per cent to close at 32k, while Chams Plc was up by 6.45 per cent to close at 33k per share.

Academy Press rose by 4.76 per cent to close at N2.20, while Regency Alliance Insurance grew by 4.17 per cent to close at 25k per share.

Meanwhile, the total volume traded declined by 72.86 per cent to 86.59 million units valued at N1.17 billion exchanged in 3,377 deals.

Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 19.47 million shares worth N385.59 million.

Sterling Bank followed with 6.21 million shares valued at N9.35 million, while Zenith Bank traded 5.92 million shares valued at N118.68 million.

Fidelity Bank traded 5.83 million shares valued at N20.02 million, while Chams transacted 5.634 million shares worth N1.87 million.

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