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NSE resumes downtrend with N56bn loss

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NSE resumes downtrend with N56bn loss

The Nigerian Stock Exchange (NSE) yesterday resumed bear run after it closed the previous day positive.The overall performance measures, NSE ASI and market capitalisation, fell by 0.48 per cent. This was due to profit taking by bargain hunters in the wake of cautious optimism that had pervaded the market following upset in the financial sector.

Consequently, the All- Share Index shed 149.49 basis points or 0.48 per cent to close at 31,210.79 index points as against 31,360.28 recorded the previous day, while market capitalisation of equities depreciated by N56 billion or 0.48 per cent to close lower at N11.638 trillion from N11.694 trillion. Meanwhile, a turnover of 177.6 million shares in 2,637 deals was recorded in the day’s trading. The premium sub-sector was the most active (measured by turnover volume) with 94.2 million shares exchanged by investors in 742 deals.

Volume in the sub-sector was largely driven by the activities in the shares of UBA Plc and Zenith Bank Plc. The banking sub-sector boosted by the activities in the shares of Sterling Bank Plc and GTB Plc followed with a turnover of 38.5 million shares in 661 deals. At the close of business, nine stocks appreciated, while 22 others declined.

Further analysis of the day’s trading showed that MC Nichols Nigeria Plc topped the day’s gainers’ table with 9.62 per cent to close at 57 kobo per share, while Dangote Flour Mills Plc trailed with 8.42 per cent to close at N10.30 per share. Ikeja Hotels Plc added 7.98 per cent to close at N2.30 per share. On the flip side, Learn Africa Nigeria Plc led the losers’ with a drop of 9.66 per cent to close at N1.31 per share, while Transcorp Hotels Plc shed 9.24 per cent to close at N5.40 per share. LAW Union and Rock Assurance Plc plunged by 8.93 per cent to close at 51 kobo per share.

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