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Nigeria’s equity market value down N89 bln, dragged by losses in Zenith Bank, others

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By Ifeyinwa Ezeokoli 

The Nigerian stock market on Monday started the week on a bearish note with the value of the market down by N89 billion as a result of losses in Zenith Bank, Lafarge Africa, and others.

The market cap of equities listed on the NGX decreased to N28.513 trillion from N28.602 trillion as on the previous close.

Also, the All-Share Index (ASI) decreased by 163.66 points, representing 0.32 percent to close at 52,348.82.

As a result, the year-to-date return settled at 2.1 percent.

The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Zenith Bank, Lafarge Africa, Ecobank Transnational Incorporated, Guaranty Trust Holding Company and United Bank for Africa.

This week, United Capital Plc anticipated sustained bullish sentiment in the market as investors take positions ahead of the full-year, 2022 earnings season.

Chellarams led the losers’ chart in percentage terms by 9.70 percent to close at N1.21 per share.

Prestige Assurance followed 8.70 percent to close at 42k, while Livestock Feeds lost 7.69 percent to close at N1.20 per share.

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Mutual Benefits Assurance lost 6.25 percent to close at 30k, while Honeywell Flour Mills shed 6.22 percent to close at N2.26 per share.

On the other hand, Presco topped the gainers’ chart in percentage terms by 9.67 percent to close at N150.80 per share.

Wapic Insurance followed with 9.52 percent to close at 46k per share.

FTN Cocoa Processors rose by 7.14 percent to close at 30k, while R.T Briscoe Nigeria and Associated Bus Company appreciated by 6.90 percent each to close at 31k each per share.

Meanwhile, the total volume traded rose by 2.16 percent with an exchange of 221.85 million shares worth N3.25 billion traded in 5,219 deals.

Transactions in the shares of UBA topped the activity chart with 22.93 million shares valued at N185.90 million.

GTCO followed with 20.03 million shares worth N482.50 million, while Transcorp traded 14.59 million shares valued at N17.60 million.

FBN Holdings traded 14.12 million shares valued at N163.13 million, while Zenith Bank transacted 13.52 million shares worth N336.30 million.

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