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HomeBusinessLosses in Access Corp, Dangote Sugar drag down Nigeria's equity market

Losses in Access Corp, Dangote Sugar drag down Nigeria’s equity market

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By Ifeyinwa Ezeokoli 

The Nigerian equities market sustained its downward trend on Thursday as profit-taking in Access Corporation and Dangote Sugar drove the market index down.

Access Corporation was down by 2.2 per cent while Dangote Sugar dropped by 2.7 per cent by the close of trading.

Specifically, the All-Share Index (ASI) decreased by 35.45 points, representing a dip of 0.07 per cent to close at 49,540.48 points.

The market capitalisation of equities listed on the NGX decreased to N26.721 trillion from N26.740 trillion as on the previous close.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Vitafoam Nigeria, UAC of Nigeria (UACN), Dangote Sugar Refinery, Access Holdings, and UPDC Real Estate Investment Trust (UPDCREIT) Plc.

GTI Securities Limited said “we expect cautious trading to continue pending any significant changes in the economic conditions.”

Also, market breadth closed negative with 17 losers versus eight gainers.

UACN led the losers’ chart in percentage terms by 6.82 per cent to close at N10.25 per share.

READ ALSO: Nigeria’s consumer inflation rises to 20.52% in Aug from 19.64% in Jul ~NBS

UPDC Real Estate Investment Trust and Vitafoam followed with 5.88 per cent each to close at N3.20 and N20 per share, respectively.

UACN Property Development Company  (UPDC) lost five per cent to close at 95k, while Consolidated Hallmark Insurance shed 4.84 per cent to close at 59k per share.

On the other hand, Sovereign Trust Insurance drove the gainers’ chart in percentage terms by 3.85 per cent to close at 27k per share.

Cadbury Nigeria followed with 2.69 per cent to close at N13.35, while Courteville Business Solutions rose 2.08 per cent to close at 49k per share.

Zenith Bank rose by 0.77 per cent to close at N19.65, while United Bank for Africa appreciated by 0.68 per cent to close at N7.45 per share.

However, the total volume traded declined 15.1 per cent to 167.61 million shares worth N1.265 billion traded in 3,458 deals.

Transactions in the shares of Courteville Business Solutions topped the activity chart with 38.81 million shares valued at N18.25 million.

Access Holdings followed with 28.472 million shares worth N249.36 million, while Fidelity Bank traded 10.82 million shares valued at N36.91 million.

Transcorp traded 10.69 million shares valued at N11.27 million, while Consolidated Hallmark Insurance transacted 9.221 million shares worth N5.29 million.

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