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Nigeria’s equity market declines by N58 bln drag by sell-off in Geregu Power and other stocks

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By Ifeyinwa Ezeokoli 

Trading opened on the Nigerian stock market on Tuesday for the month of May on a bearish note following selling pressure on Geregu Power and 22 other stocks, which triggered a N58 billion decline in the overall market capitalization.

The All-Share Index fell by 107.03 points, representing a decline of 0.20 percent, to close at 52,296.48.

Accordingly, investors lost N58 billion in value as market capitalization closed lower at N28.476 trillion.

The downturn was impacted by losses recorded in medium- and large-capitalized stocks, amongst which are Geregu Power, Nigerian Exchange Group, PZ Cussons Nigeria, Africa Prudential, and International Breweries.

This week, United Capital Plc said “we expect bullish sentiments to continue, as investors look to take advantage of fundamentally sound stocks with low pricing, with Q1, 2023 earnings season already underway. However, we see room for pockets of profit-taking activities.”

As measured by market breadth, market sentiment was positive, with 30 stocks gaining relative to 23 losers.

Geregu Power led the losers’ chart in percentage terms by 10 percent to close at N290.70 per share.

Transcorp followed with 9.96 percent to close at N2.53, while Africa Prudential declined by 9.40 percent to close at N5.30 per share.

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International Breweries depreciated by 8.51 percent to close at N4.30, and Ikeja Hotel declined by 6.85 percent to close at N1.36 per share.

On the other hand, Conoil and Union Bank of Nigeria led the gainers’ chart in percentage terms by 10 percent each to close at N44 and N7.70 per share, respectively.

Multiverse Mining and Exploration followed with 9.71 percent to close at N3.05 per share.

Nigerian Aviation Handling Company rose by 9.62 percent to close at N13.10, while Nigerian Breweries appreciated by 9.38 percent to close at N35 per share.

The total volume traded declined by 82.4 percent, with an exchange of 550.29 million shares valued at N5.15 billion exchanged in 6,250 deals.

Transactions in the shares of Access Holdings topped the activity chart with 150.07 million shares valued at N1.57 billion.

Transcorp followed with 134.25 million shares worth N417.48 million, while AXA Mansard Insurance traded 41.86 million shares valued at N100.89 million.

Wapic Insurance traded 29.06 million shares valued at N12.87 million, while Fidelity Bank sold 20.09 million shares worth N111.07 million.

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