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The bearish trend in the Nigerian capital market continued, Wednesday, as the value of listed equities dipped further by N38.3 billion. dips further by N38bn

By Michael Eboh

The bearish trend in the Nigerian capital market continued, Wednesday, as the value of listed equities dipped further by N38.3 billion.


In particular, equities’ value, represented by the market capitalisation, dropped by 0.74 per cent to close at N5.133 trillion from N5.171 trillion at which it opened.
The All-share index also dropped by 0.74 per cent to close at 22,393.77 points, from 22,560.84 points.
Losses on the share prices of majority of the listed equities, brought about by profit-taking activities of investors, was responsible for the bearish posture of the market, as Oando Plc recorded the most share price loss, dropping by N2.50 to close at N91.50 per share, from N94.00 per share, Conoil Plc followed with a loss of N2.10 to close at N43.50 per share and Flour Mills Nigeria Plc shed N1.17 to close at N22.33 per share.
Other share price losers include: Nigerian Bottling Company Plc N1.15, Glaxo SmithKline Consumer Plc N1.01, Julius Berger Nigeria Plc N1.00, Lafarge Cement WAPCO Plc N1.00, UAC Property Development Company Plc N0.76, Union Bank Nigeria Plc N0.59, Ashaka Cement Plc N0.45 among others.
On the contrary, Guinness Nigeria Plc recorded the most share price gain, rising by N6.48 to close at N136.15 per share, from N129.67 per share, Benue Cement Company Plc followed with a gain of N1.00 to close at N40.00 per share and Unilever Nigeria Plc garnered N0.70 to close at N14.72 per share.
Other share price gainers include: Cement Company of Northern Nigeria Plc N0.47, Longman Nigeria Plc N0.40, Access Bank Plc N0.26, First Bank of Nigeria Plc N0.26, Zenith Bank Plc N0.25, National Salt Company Plc N0.18, C & I Leasing Plc N0.12 among others.
Equity trading appreciated by 87.78 per cent, as a turnover of 690.07 million shares valued at N3.84 billion was recorded in 6,370 deals, in contrast to the previous day’s turnover of 367.48 million shares valued at N2.39 billion in 6,460 deals.
Banks’ shares remain the most sought after in the sectorial analysis, accounting for 44.7 per cent of the market turnover, with 308.47 million shares valued at N2.92 billion in 3,402 deals. Zenith Bank Plc  emerged the most active in the sub-sector, trading 84.8 million shares valued at N970.22 million in 337 deals, followed by GTBank Plc with the exchange of 71.25 million shares valued at N938.95 million in 507 deals and Access Bank Plc recorded 34.82 million shares valued at N246.1 million in 336 deals.
The Insurance sub-sector followed on the sectorial analysis, accounting for 7.44 per cent of the market turnover, with 51.31 million shares valued at N56.13 million 458 deals.

Custodian and Allied Insurance Plc recorded the highest patronage in the sub-sector, trading 11.44 million shares valued at N27.98 million in 71 deals, Universal Insurance Plc followed with the exchange of 10.26 million shares valued at N5.13 million in nine deals and Cornerstone Insurance Plc recorded 6.35 million shares valued at N4.7 in 22 deals.


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