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Nigeria’s equity market declines N28 bln on losses in Zenith Bank, other shares

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By Ifeyinwa Ezeokoli 

Bearish sentiments persisted in the Nigerian equities market on Thursday as losses in Zenith Bank Plc and nine other firms dragged the market’s overall capitalisation lower by N28 billion.

The market capitalisation of equities listed on the NGX decreased to N27.685 trillion from N27.713 trillion as of the previous close.

All Share Index marginally decreased by 0.10 per cent to close at 51,339.01 points compared with 51,390.25 points the previous day.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Zenith Bank, Champion Breweries, International Breweries, UPDC Real Estate Investment Trust (UPDCReit) and Lafarge Africa.

Reviewing the market performance, analysts at GTI Securities Limited said that the “Equity market closed negative with a prevailing sell-off trend. We expect cautious trading to continue throughout the week.”

However, market breadth was positive with 15 gainers relative to 10 losers.

Academy Press led the gainers’ chart in percentage with 8.70 per cent to close at N2.25 per share.

Regency Alliance Insurance followed with a gain of eight per cent to close at 27k, while Computer Warehouse Group (CWG) appreciated by 7.95 per cent to close at 95k per share.

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Cutix went up by 7.27 per cent to close at N2.36, while Nigerian Aviation Handling Company (NAHCO) appreciated by five per cent to close at N8.40 per share.

On the other hand, Champion Breweries led the losers’ chart in percentage terms by 8.74 per cent to close at N3.55 per share.

Ikeja Hotels followed with 7.69 per cent to close at N1.20, while International Breweries went down by 5.17 to close at N5.50 per share.

Multiverse Mining and Exploration lost 4.76 per cent to close at N1.80, while UPDCReit shed 4.17 per cent to close at N3.45 per share.

The total volume traded declined by 42.0 per cent to 115.41 million units valued at N1.21 billion exchanged in 3,731 deals.

Transactions in the shares of Transcorp topped the activity chart with 12.18 million shares valued at N15.12 million.

International Breweries followed with 7.65 million shares worth N42.77 million, while FBN Holdings traded 7.41 million shares valued at N78.78 million.

Zenit Bank traded 6.59 million shares valued at N148.28 million, while Sterling Bank transacted 6.45 million shares worth N9.98 million.

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