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Nigeria’s equity market sustains downward trend as value of shares drops N12 bln

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By Ifeyinwa Ezeokoli 

The domestic bourse settled lower on Wednesday following profit-taking activities in FBN Holdings (FBNH), Sterling Bank and United Capital Plc amid the markdown in GTCO.

Shares in the holding company of First Bank fell 3.33 per cent, Sterling Bank declined by 1.33 per cent, United Capital dropped 1.30 per cent and Access Corporation 1.20 per cent while that of Lafarge Africa was down by 0.41 per cent and the end of trading.

The market cap of equities listed on the NGX decreased to N26.658 trillion from N26.670 trillion as on the previous close.

Also, the All-Share Index (ASI) declined by 23.40 points or 0.05 per cent to close at 49,421.91 points.

Accordingly, the month-to-date loss and year-to-date gain settled at 0.8 per cent and 15.8 per cent, respectively.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Exchange Group (NGX Group), Cadbury, FBNH, NEM Insurance and Academy Press.

As measured by market breadth, market sentiment was negative with 12 laggards relative to 10 gainers.

Academy Press led the losers’ chart in percentage terms by 9.78 per cent to close at N1.66 per share.

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NEM Insurance followed with 6.08 per cent to close at N5.25, while Cadbury Nigeria fell by 5.45 per cent to close at N13 per share.

Jaiz Bank dipped 4.76 per cent to close at 80k, while NGX Group shed 4.38 per cent to close at N18.55 per share.

Meanwhile, the total volume traded decreased by 64.85 per cent to 51.877 million units valued at N590.01 million exchanged in 2,981 deals.

Transactions in the shares of Zenith Bank topped the activity chart with 6.30 million shares valued at N125.54 million.

Guaranty Trust Holding Company (GTCO)  followed with 4.99 million shares worth N94.92 million, while Sterling Bank traded 4.86 million shares valued at N7.29 million.

Fidelity Bank traded 3.85 million shares valued at N13.62 million, while Transcorp transacted 2.95 million shares worth N3.10 million.

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