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HomeBusinessNigeria's equities experience modest downturn as market closes 0.12% lower

Nigeria’s equities experience modest downturn as market closes 0.12% lower

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By Samuel Bankole

The Nigerian equities market witnessed a slight dip on Thursday, retracing some gains from the previous session, with the benchmark index losing 0.12% and closing at 101,239.10 points.

The decline was attributed to sell-offs in UBA (-0.42%), ACCESSCORP (-2.55%), and STANBIC (-8.33%), offsetting investor interest in ZENITHBANK (+0.70%), GTCO (+2.46%), and FBNH (+1.05%), resulting in an overall negative market sentiment.

As a result, the market is poised for a week of losses, with the ASI year-to-date (YTD) return slipping to 35.39% and the market capitalization shedding N67.45 billion to close at N55.40 trillion.

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An analysis of today’s market activities revealed a lower trade turnover compared to the previous session, with the value of transactions down by 24.54%.

A total of 253 million shares, valued at N4.94 billion, were exchanged in 7,248 deals. FBNH (+1.05%) led both the volume and value charts, with 31.86 million units traded in deals worth N9.17 billion.

Despite the downturn, market breadth closed negative at a 1.42-to-1 ratio, with declining issues outnumbering advancing ones. DAARCOMM (-10.00%) topped twenty-six (26) other laggards, while SUNUASSUR (+10.00%) led eighteen (18) others on the leader’s log.

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