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Stock market loses N135bn as performance indicators drop for 3 days

By Peter Egwuatu

The Nigerian stock market performance indicators declined for the third day in a row, with investors losing N135 billion on Wednesday from equity trading.

The market capitalisation which represents the total value of equities in the Nigerian Stock Exchange, NSE closed yesterday at N9.583 trillion from N9.718 trillion the previous day (Tuesday).

In the same vein, another stock market indicator, the All share Index dropped by 1.39 per cent to close at 28,721.27 points from 29,125.69 points it closed the previous day

Other performance indicators closed in the red – the Industrial index lost 2.40 per cent ,, the Banking index shed 1.04 per cent , and the Consumer Goods index depreciated by 0.56 per cent.

Analysis of the gainers chart showed that Ashaka Cement Plc declined by 4.99 per cent to close at N18.28, followed by Dangote Cement dropping by 3.18 per cent to close at N152.00 per share. WAPCO Cement declined by 2,35 percent to close N83.00 per share.

The top losers in the Banking sector were; UBA drooping 4.72 per cent to close at N3.03 per share , followed bv Skye Bank which shed N4.19 per cent to close at N1.83 per share. Other losers are GT Bank Plc which nosedived by 1.97 per cent , to close at N18.91; Sterling Bank Plc dipped by 1.28 per cent to close at N2.32 per share, First Bank Nigeria Holdings Plc declined by 0.43 per cent to close at N6.97 and Zenith Bank shed 0.37 per cent to close at N15.94 per share.

  • The Consumer Goods recorded poor performance due to the losses seen on Flourmill Nigeria Plc which dropped by 4.98 per cent to close at N30.51), followed by Nascon with a loss by 4.97 per cent to close at N6.50. Other losers in the sub sector include: Dangote Sugar dropping by 4.90 per cent to close at N6.80 followed by Champion Breweries which nosedived by 4.87 per cent to close at N6.25. It was followed by Dangote Flour flour which dipped by 4.80 per cent to close at N3.97 per share, followed by UACN which plummeted by 2.67 per cent to close at N36.30 per share and Nigerian Breweries, NB declined by 0.15 per cent to close at N131.80 per share.

It was a solid day in terms of activity as the value traded amounted to an impressive N6.11 billion ($29.92 million). This was attributed to cross deals in the names like; NB: N2.37 billion ($11.61 million ), Nestle: N1.21 billion ($5.95 million), Zenith Bank : N685 million ($3.36 million), Access Bank: N391 million ($1.92 million). FBNH: N372 Million($1.83 million) and GT Bank: N152 million ($746k).

 


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