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HomeBusinessNigeria's equity market declines 1.97% on profit-booking on Dangote Cement, naira firms

Nigeria’s equity market declines 1.97% on profit-booking on Dangote Cement, naira firms

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By Ifeyinwa Ezeokoli 
Nigeria’s Equities market opened transactions for the week on Monday on a bearish note with the main index down 1.97 per cent due to profit-taking on Dangote Cement, the biggest capitalised stock on the Nigerian Exchange Limited (NGX).
 
The All Share Index (ASI) decreased by 1,021.34 points, representing a dip of 1.97 per cent to close at 50,756.74 points on Monday. 
 
Accordingly, the month-to-date loss settled at 4.2 per cent, while the year-to-date return moderated to 18.8 per cent.
 
Similarly, the market capitalisation declined by N551 billion to close at N27.36 trillion.
 
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Flour Mills of Nigeria, Lafarge Africa, Fidson Healthcare and FBN Holdings.
 
Analysts at GTI Securities Limited stated that the “Equity market resumes the week negative, as the bearish trend persists. We expect cautious trading and profit-taking to continue in the domestic market.”
 
Market breadth closed negative with 31 losers against seven gainers. 
Dangote Cement and Union Bank of Nigeria (UBN) led the losers’ chart in percentage terms by 10 per cent each to close at N249.30 and N5.40 per share, respectively.
 
Livestock Feeds followed with a decline of 9.77 per cent to close at N1.20 per share. 
 
International Breweries lost 9.60 per cent to close at N5.65, while Flour Mills shed 8.57 per cent to close at N32 per share.
 
Conversely, Jaiz Bank led the gainers’ chart in percentage terms by 5.32 per cent to close at 99k per share.
 
Regency Alliance Insurance followed with a gain of 3.70 per cent to close at 28k, while Japaul Gold and Ventures appreciated by 3.33 per cent to close at 31k per share.
 
Zenith Bank ticks up by 2.80 per cent to close at N22, while Nigerian Aviation Handling Company (NAHCO) appreciated by 2.63 per cent to close at N7.80 per share. 
 
However, the total volume traded rose 43.04 per cent to 345.01 million shares worth N3.07 billion and traded in 5,075 deals. 
 
Transactions in the shares of FCMB Group topped the activity chart with 177.59 million shares valued at N668.97 million. 
 
United Bank for Africa (UBA) followed with 29.49 million shares worth N221.19 million, while Access Holdings traded 21.97 million shares valued at N206.37 million.
 
FBNH traded 12.57 million shares valued at N113.966 million, while Transcorp transacted 11.57 million shares worth N14.33 million.
Meanwhile, on the money market, the interbank lending rate rose 3.08 per cent as the Overnight (O/N) rate closed at 14.00 per cent compared with the last close of 10.92 per cent.
Also, the Open Repo (OPR) increased by 3.42 per cent to close at 13.75 per cent against the last close of 10.33 per cent.

At the I&E FX market, the Naira remained unchanged at N421.33 with most participants maintained bids between N413.00 and N444.00 per dollar.

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