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Nigeria equity declines N16 bln as naira gains 0.52% vs dollar on I&E

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By Ifeyinwa Ezeokoli 

The Nigerian stock market extended its losing streak on Wednesday for the third consecutive session as market capitalisation shed N16 billion.

Accordingly, the market capitalisation lost N16 billion to close at N27.79 trillion compared with N27.811 trillion it closed the previous close.

Also, the All-Share Index (ASI) decreased by 29.96 points, representing a dip of 0.06 per cent to close at 51,556.54.

Consequently, the month-to-date loss was unchanged at -0.5 per cent, while the year-to-date gain moderated to 20.7 per cent.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Union Bank of Nigeria (UBN), Champion Breweries, NEM Insurance, International Breweries and University Press.

GTI Securities Limited said that the “stock market closed transactions for yesterday flat, as bargain hunting and indecisiveness continues to trail the market. We expect cautious trading to continue throughout the week.”

However, market breadth closed slightly positive with 17 gainers against 16 losers.

Academy Press led the gainers’ chart in percentage terms by 9.79 per cent to close at N1.57 per share.

Consolidated Hallmark Insurance followed with 8.70 per cent to close at 75k, while Japaul Gold and Ventures rose 7.41 per cent to close at 29k per share.

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UPDC Real Estate Investment Trust grew by 4.35 per cent to close at N3.60, while Chams appreciated by 4.17 per cent to close at 25k per share.

On the other hand, Champion Breweries and NEM Insurance led the losers’ chart in percentage terms by 10 per cent each to close at N3.60 and N3.42 per share, respectively.

Union Bank followed with 9.76 per cent to close at N5.55 per share.

University Press lost 8.91 per cent to close at N2.35, while R.T. Briscoe Nigeria shed 7.50 per cent to close at 37k per share.

Also, the total volume of shares traded dipped 42.35 per cent with an exchange of 135.26 million shares worth N1.44 billion in 3,745 deals.

Transcorp topped the activity chart with 15.55 million shares valued at N19.59 million.

Guaranty Trust Holding Company (GTCO) followed with 13.11 million shares worth N267.09 million, while UACN Property Development sold 11.97 million shares valued at N14.62 million.

United Bank for Africa traded 10.55 million shares valued at N78.92 million, while Chams transacted 7.83 million shares worth N1.94 million.

Meanwhile, at the foreign exchange market,  the naira firmed by 0.52 per cent against the greenback to close at N427.75 compared with N427.75 a dollar on the previous day.

Traders said most participants at the I&E FX market maintained bids between N413.40 and N444.00 per dollar.

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