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HomeBusinessProfit taking on Access Corp halts 2-day rally on Nigeria's equity market

Profit taking on Access Corp halts 2-day rally on Nigeria’s equity market

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By Ifeyinwa Ezeokoli 

Trading on the Nigerian equities market on Thursday relapsed by N6 billion, halting the two-day successive due to profit taking in Access Corporation.

Consequently, the market capitalisation dipped by N6 billion to close at N29.921 trillion.

Similarly, the All-Share Index declined by 12.03 points, or 0.02 percent, to close at 54,924.08 points.

Accordingly, the month-to-date and year-to-date returns settled at -1.6 percent and +7.2 percent, respectively.

The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are; NCR Nigeria, Nigerian Aviation Handling Company, Access Holdings, United Capital and AXA Mansard Insurance.

The market breadth was negative with 17 laggards relative to 14 gainers.

NCR led the losers’ chart in percentage terms by 9.96 percent to close at N2.35 per share.

Linkage Assurance followed with 8.70 percent to close at 42k, while AXA Mansard Insurance lost 7.50 percent to close at N1.85 per share.

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Royal Exchange lost 4.17 percent to close at 69k, while UACN Property Development Company and Chams shed 4.00 percent each to close at 96k and 24k per share, respectively.

Conversely, Sunu Assurances dominated the gainers’ chart in percentage terms by 9.09 percent to close at 48k per share.

Transcorp Hotels followed with 8.32 percent to close at N6.90 and Academy Press was up by 7.50 percent to close at N1.29 per share.

Regency Alliance Insurance rose by 7.14 percent to close at 30k, while Associated Bus Company gained 5.71 percent to close at 37k per share.

The total volume traded fell by 12.2 percent, with an exchange of 117.85 million units valued at N1.39 billion in 2,575 deals.

Transactions in the shares of Transcorp topped the activity chart with 23.39 million shares valued at N31.48 million.

Fidelity Bank followed with 16.95 million shares worth N88.163 million, while FBN Holdings traded 13.06 million shares valued at N143.57 million.

Royal Exchange traded 9.18 million shares valued at N6.15 million, while United Bank for Africa (UBA) transacted 8.99 million shares worth N72.19 million.

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