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HomeBusinessLocal bourse extends losses as Nestle shares, other drag market downward

Local bourse extends losses as Nestle shares, other drag market downward

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By Ifeyinwa Ezeokoli 
The Nigerian equities market Thursday extended its losses for the fourth consecutive session as investors’ profit-taking activities on Nestle Nigeria and 27 others drove the market lower.
Consequently, the All-Share Index fell below the 50,000 psychological mark, declining by 521.41 points to close at 49,667.14 points – its lowest point in three months. 
Accordingly, the month-to-date loss and year-to-date returns moderated to -4.2 per cent and 16.3 per cent, respectively.
Similarly, the market capitalisation lost N282 billion to close at N26.783 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Stanbic IBTC Holding, Cadbury Nigeria, Zenith Bank and Lafarge Africa.
On market outlook, GTI Securities Limited said “sell pressure persists extending the bearish trend, as investors continue to react to prevailing sovereign risk and interest rate environment. We expect the trend till the end of the week.”
As measured by market breadth, market sentiment was negative as 28 stocks lost relative to 10 gainers. 
Lasaco Assurance led the losers’ chart in percentage terms by 10 per cent to close at 90k per share. 
Stanbic IBTC Holdings followed with 9.94 per cent to close at N28.40, while Cadbury Nigeria went down by 9.94 to close at N15.40 per share. 
Nestle Nigeria lost 9.84 per cent to close at N1,262.30, while AXA Mansard Insurance shed 9.47 per cent to close at N1.172 per share.
On the other hand, Real Estate Investment Trust (UPDCReit)  led the gainers’ chart in  percentage terms by 9.23 per cent to close at N3.55 per share.
R.T. Briscoe Nigeria followed with 8.57 per cent to close at 38k, while Chams appreciated by 8.33 per cent to close at 26k per share.
Custodian Investment went up by 7.94 per cent to close at N6.80, while Livestock Feeds appreciated by 4.35 per cent  to close at N1.20 per share. 
Meanwhile, the total volume traded declined by 75.1 per cent to 206.22 million units, valued at N3.92 billion, and exchanged in 5,053 deals. 
Transcorp topped the activity chart with 38.53 million shares valued at N39.01 million.
Zenith Bank followed with 16.94 million shares worth N333.74 million, while Chams traded 13.59 million shares valued at N3.33 million.
Guaranty Trust Holding Company (GTCO) traded 12.68 million shares valued at N244.84 million, while United Bank for Africa transacted 12.57 million shares worth N86.87 million

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