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Nigeria’s equity declines further as Nestle, Guinness shares shed prices

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Trading activities on the Nigerian stock market closed in the red on Tuesday extending the day’s bearish trend with the main market index declining by 0.20 percent. 

 The All-Share Index declined by 95.37 points representing a decrease of 0.20 per cent to close at 47,156.56 from 47,251.93 posted on Monday.

The market cap of equities listed on the NGX decreased to N25.415 trillion from N25.466 trillion as on the previous close.

The total volume traded closed with an exchange of 303.481 million units valued at N3.90 billion traded in 4,616 deals. The market breadth was negative with 16 gainers as against 29 losers.

The NGX 30 Index decreased by 0.28 percent to close at 1,810.04 points as against 1,815.10 points on the previous close.

Market turnover closed with a traded volume of 202.22 million units. FCMB and Fidelity were the key gainers, while Ecobank and Nestle were the key losers.

 Accordingly, the month-to-date and year-to-date returns moderated to -0.5 per cent and +10.4 per cent, respectively.

 The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Nestle, Guinness, Ecobank Transnational Incorporated (ETI), Oando and Lafarge Africa.

 GTI Securities Limited said “The stock market continues its losing streak extending the negative trend to four consecutive days, as MPC maintained all parameters, the negative trend is likely to continue pending any significant changes in the economic conditions.”

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 The market breadth was negative with 29 losers in relative to 16 gainers. 

 Japaul Gold and Ventures led the losers’ chart in percentage terms by 8.82 per cent to close at 31k per share.

 Champion Breweries followed with 8.78 per cent to close at N1.87, while Oando lost 6.75 per cent to close at N4.70 per share. 

 AXA Mansard Insurance declined by 6.52 per cent to close at N2.15, while Regency Alliance Insurance shed 5.26 per cent to close at 36k per share.

On the other hand, NPF Microfinance Bank drove the gainers’ chart in percentage terms by 9.52 per cent to close at N2.53 per share. 

FCMB Group followed with 7.94 per cent to close at N3.67, while Prestige Assurance garnered 6.52 per cent to close at 49k per share.

Chams rose by 4.76 per cent to close at 22k, while UACN gained 4.74 per cent to close at N12.15 per share.

 Transactions in the shares of Access Bank topped the activity chart with 44.15 million shares valued at N433.29 million. 

United Bank for Africa followed with 39.54 million shares worth N304.86 million, while Fidelity Bank traded 33.35 million shares valued at N103.87 million.

Guaranty Trust Holding Company traded 28.34 million shares valued at N737.47 million, while Zenith Bank transacted 28.22 million shares worth N758.001 million.

In all, the total volume of shares traded advanced by 42.1 per cent to 303.48 million units valued at N3.90 billion in 4,616 deals. 

This was in contrast of 213.57 million shares valued at N2.68 billion in 4,485 deals on Monday.

The Nigerian equity market closed on a negative note today as All Share Index decreased by 0.20 percent to close at 47,156.56.

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