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Profit booking on GTCO, Zenith, others drags down equity market by N34 bln

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By Ifeyinwa Ezeokoli

For the second consecutive day, the bear took over trading on the floor of the Nigerian Exchange on Thursday as investors booked profit on the shares of top banking and breweries stocks,  GTCO, Zenith Bank and International Brewerieis, pushing down the market main index.

The All-Share Index (ASI) was down for the second day by 0.14 per cent to close at 47,296.07 compared with 47,360.79 it closed the previous day. 

In the same vein, the market capitalisation shed N34 billion to close at N25.490 trillion against N25.524 trillion on Wednesday. 

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Guinness Nigeria,  Nigerian Exchange Group, Chemical and Allied Products, Presco and Nascon Allied Industries. 

Accordingly, the month-to-date and year-to-date return moderated to -0.2 per cent and +10.7 per cent, respectively.

Analysts at GTI Securities Limited said that “We expect positive sentiments to return to the market as investors look to take positions in blue-chip stocks in expectation of audited results from more companies in the near future.” 

The market breadth was negative with 34 laggards in contrast with 12 gainers. 

CAP and R.T. Briscoe topped the losers’ chart in percentage terms by 10 per cent each to close at N17.55 and 63k per share, respectively.

NGX Group followed with 9.96 per cent to close at N20.80 per share. 

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Red Star Express was down by 9.78 percent to close at N203.32, while Royal Exchange declined 9.70 percent to close at N1.49 per share.     

On the other hand, Associated Bus Company dominated the gainers’ chart in percentage terms with 9.38 per cent to close at 35k.

Lasaco Assurance trailed with 7.62 per cent to close at N1.13 per share. 

Jaiz Bank rose by 5.71 percent to close at 74k, while Linkage Assurance and Africa Prudential rose by 3.85 percent each to close at 54k and N6.75 per share, respectively. 

The total volume of trades decreased by 13.04 perent to 243.44 million units valued at N6.88 billion exchanged in 7,056 deals. 

This was against a total of 279.95 million shares worth N4.16 billion achieved in 5,620 deals on Wednesday.

Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 28.223 million shares valued at N30.242 million. 

MTN Nigeria  Communications (MTNN) followed with 22.74 million shares worth N4.65 billion, while NGX Group traded 22.13 million shares valued at N463.08 million. 

FBN Holdings traded 13.98 million shares worth N154.60 million, while  UACN Property Development Company transacted 12.82 million shares worth N11.94 million.

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