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Market value dips further by N35bn

By Michael Eboh
The downtrend in the   Nigerian capital market continued, Tuesday, as the value of listed equities on the Nigerian Stock Exchange (NSE) dipped further by N34.63 billion.

The decline is coming on the heels of the meeting of the Governor of the Central Bank of Nigeria (CBN) and the newly appointed Managing Directors of the five rescued banks with operators of the capital market on Wednesday.

Briefing operators, Tuesday, the Director-General of the NSE, Professor (Mrs.) Ndi Okereke-Onyiuke, disclosed that the meeting will avail the CBN with the opportunity to acquaint market operators with its debt recovery efforts and other developments in the banking sector.

The capitalisation which opened at N4.877 trillion dipped by 0.71 per cent to close at N4.843 trillion, while the index dropped by 189.45 basis points to close at 21,090.08 points from 21,279.53 points at which it opened.

Conoil Plc recorded the most share price loss, dropping by N2.06 to close at N39.27 per share, African Petroleum Plc followed with a loss of N1.80 to close at N34.20 per share and Nigerian Bottling Company Plc dipped by N0.90 to close at N20.00 per share.

Other share price losers include: GTBank Plc N0.61, United Bank for Africa Plc N0.55, First Bank of Nigeria Plc N0.54, Unilever Nigeria Plc N0.50, Union Bank Nigeria Plc N0.37, Stanbic IBTC Bank Plc N0.33, Ecobank Transnational Incorporated N0.29 among others.

Conversely, Nestle Nigeria Plc recorded the most share price gain, rising by N8.00 to close at N208.00 per share, Oando Plc followed with a gain of N3.49 to close at N93.49 per share and Benue Cement Company Plc garnered N1.08 to close at N42.00 per share.

Other share price gainers include: Julius Berger Nigeria Plc N0.94, Cement Company of Northern Nigeria Plc N0.64, Zenith Bank Plc N0.40, Ashaka Cement Plc N0.30, Diamond Bank Plc N0.29, UAC Property Development Company Plc N0.29, First City Monument Bank Plc N0.25 among others.

Equity trading dipped by 7.43 per cent, as a turnover of 375.58 million shares valued at N3.45 billion was recorded in 6,606 deals, in contrast to the previous day’s turnover of 405.71 million shares valued at N2.91 billion in 4,780 deals.

The Banking sub-sector dominated the other sub-sectors, accounting for 54.21 per cent of the market turnover, 203.6 million shares valued at N1.75 billion in 3,344 deals. United Bank for Africa Plc recorded the highest transaction in the sub-sector, trading 42.35 million shares valued at N476.63 million in 335 deals, Zenith Bank Plc followed with the exchange of 41.53 million shares valued at N495.25 million in 296 deals and Diamond Bank Plc recorded 29.6 million shares valued at N191.9 million in 114 deals.

The Insurance sub-sector followed on the sectorial analysis, accounting for 18.38 per cent of the market turnover, with 69.03 million shares valued at N50.8 million in 549 deals. Unic Insurance Plc emerged the most active in the sub-sector, trading 19.84 million shares valued at N13.28 million in 40 deals.

, followed by AIICO Insurance Plc with the exchange of 12.8 million shares valued at N11.54 million in 162 deals, while Investment and Allied Assurance Plc recorded 6.73 million shares valued at N3.37 million in five deals.


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