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Profit taking in Zenith, First Bank pushes down market cap by N5 bln

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By Ifeyinwa Ezeokoli


The Nigerian stock market on Thursday ended mixed with a bearish tilt as the overall capitalization shed N5 billion following profit-taking activities in Zenith Bank and FBN Holdings.

 Consequently, the market capitalization lost N5 billion to close at N28.295 trillion.

 Also, the All-Share Index (ASI) decreased by 8.83 points, representing a dip of 0.02 percent to close at 51,944.58.

Accordingly, the month-to-date and year-to-date returns were flat at -4.2 percent and +1.4 percent, respectively.

The downturn was impacted by losses recorded in medium and large capitalized stocks, amongst which are May & Baker Nigeria, Zenith Bank, Nigerian Exchange Group, Fidelity Bank, and Africa Prudential.

 Also, market breadth closed negative, with 18 gainers versus 21 losers.

 Transcorp recorded the highest price gain of 10 percent to close at N1.54 per share.

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Wapic Insurance followed with a gain of 9.69 percent to close at 42k, while Champion Breweries rose 7.64 per cent to close at N4.93 per share.

 Mutual Benefits Assurance went up by 6.25 percent to close at 34K, while Prestige Assurance appreciated by 5.26 percent to close at 40K per share.

 On the other hand, May & Baker Nigeria led the losers’ chart by 10 percent to close at N4.05 per share.

 Ikeja Hotel followed with a decline of 9.24 percent to close at N1.08, while Multiverse Mining and Exploration lost 7.60 percent to close at N2.31 per share.

 Academy Press lost 6.67 percent to close at N1.26, while NPF Microfinance Bank shed 6.32 percent to close at N1.78 per share.

 However, the total volume traded rose by 18.72 percent to 302.920 million units, valued at N2.02 billion, exchanged in 3,743 deals.

 Transcorp topped the activity chart with 107.21 million shares valued at N162.83 million.

 Fidelity Bank followed with 39.31 million shares worth N206.01 million, while United Bank for Africa traded 22.60 million shares valued at N190.36 million.

 Zenith Bank traded 20.61 million shares valued at N521.29 million, while FCMB Group transacted 12.61 million shares worth N47.83 million.

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