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Nigeria’s equity market declines 2nd day in a row as Dangote Cement seeks to issue fresh bonds

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By Samuel Bankole

The Nigerian equity market closed on a negative note on Thursday as All-Share Index decreased by 0.48 per cent following losses posted in the shares of Ecobank and Dangote Sugar Refinery, dragging down the market.

The main market index, ASI declined to 46,543.51 points at the close of the market from 46,766.16 points, for a second consecutive day.

The market capitalisation of equities listed on the NGX decreased to N25.092 trillion from N25.212 trillion as of the previous close.

The total volume traded closed with an exchange of 244.042 million units valued at N2.35 billion traded in 4,710 deals. However, the market breadth was positive with 20 gainers as against 15 losers.

The NGX 30 Index decreased by 0.55 percent to close at 1,771.32 points as against 1,781.13 points at the previous close.

Market turnover closed with a traded volume of 142.79 million units. United Capital and Fidelity were the key gainers, while Ecobank and Dangote Sugar were the key losers.

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Ecobank shares declined 2.92 percent to close at N11.65 per share, Dangote Sugar refinery lost 1.90 per cent to close at N15.50 a share and NASCON was down by 1.26 per cent to close at N11.75 per share.

Also,Sterling Bank shares declined by 0.67 percent to close at N1.49 per share while FCMB declined by 0.62 percent to close at N3.2.

Conversely, Fidelity Bank buck the trend with 2.02 per gain, GTCO gained 1.58 percent, MTN Nigeria shares rose 1.28 percent while Zenith Bank increased by0.60 percent.

Meanwhile, Dangote Cement PLC is contemplating the second issuance of bonds under its N300 billion debt issuance programme.

The company had submitted an application to the Securities and Exchange Commission (SEC) regarding the bonds, and relevant approvals have now been received.

The bonds will be issued imminently, subject to favourable market conditions. The proceeds will be used to fund expansion projects, refinance existing short-term debt, and general corporate purposes.

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