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HomeBusinessNigeria's equity market value declines by N42 bln as investors book profits

Nigeria’s equity market value declines by N42 bln as investors book profits

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By Ifeyinwa Ezeokoli 

Trading activities in the domestic equities market on Wednesday bucked the trend with the major market index turning red as share value fell N42 billion against the previous day close.

Traders said market depreciation was caused by investors booking profits in the shares of FBN Holdings (FBNH) and 17 others stocks.

The All-Share Index (ASI) declined by 76.90 points, representing a decrease of 0.14 per cent to close at 53,193.98 points.

Consequently, the month-to-date and year-to-date gains moderated to 0.4 per cent and 24.5 per cent, respectively.

Similarly, the overall market capitalisation value lost N42 billion to close at N28.677 trillion.

The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; FBNH, Stanbic IBTC Holdings, Champion Breweries, NEM Insurance and eTranzact International.

On market outlook, analysts at GTI Securities Limited said “The stock market closed positively, as bargain hunting was seen in all the major sectors. We expect cautious trading to continue.”

Market breadth closed negative with 18 laggards in relative to 16 gainers.

Champion Breweries led the losers’ chart in percentage terms by 9.79 per cent to close at N3.50 per share.

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Cornerstone Insurance followed with 9.68 per cent to close at 56k, while eTranzact International shed 9.67 per cent to close at N2.71 per share.

NEM Insurance shed 8.33 per cent to close at N3.85, while Japaul Gold and Ventures depreciated by 6.25 per cent to close at 30k per share.

On the other hand, Caverton Offshore Support Group drove the gainers’ in percentage terms by 7.34 per cent to close at N1.17 per share.

FTN Cocoa processors followed with 5.88 per cent to close at 36k, while Transcorp gained 5.69 per cent to close at N1.30 per share.

Cutix appreciated by 4.98 per cent to close at N2.74, while Linkage Assurance gained 3.70 per cent to close at 56k per share.

Meanwhile, the total volume of trades rose slightly by 6.11 per cent to 248.96 million shares valued at N1.86 billion exchanged in 4,265 deals.

Transactions in the shares of Transcorp topped the activity chart with 103.56 million shares valued at N131.25 million.

Fidelity Bank followed with 24.810 million shares worth N80.21 million, while FBNH traded 12.52 million shares valued at N130.63 million.

Japaul Gold and Ventures traded 10.35 million shares valued at N3.12 million, while Chams transacted 7.81 million shares worth N1.88 million.

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