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Stock market shed N41bn on 33 companies losses

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… Analysts predict positive close next week

By Nkiruka Nnorom

The equities market tumbled by N41 billion this week following losses recorded by a total of 33 companies.

But market pundits have said that the market would close positive next week baring any negative news.

Analysis of activities in the market showed that AG Leventis Plc, which led the losers, fell by 14.06 percent to close at N0.55 from N0.64. 11 Pl followed, declining by 14 percent to close at N172.00 from N200.00; Mutual Benefits Assurance plc ranked third, declining by 12.12 percent to close at N0.29 from N0.33; Niger Insurance depreciated by 8.82 percent to close at N0.31 from N0.34, while Presco Plc slipped by 8.33 percent to close at N66.00 from N72.00 per share.

Consequently, the All Share Index, ASI shed 0.28 percent to 40,814.89 points, following sessions of mixed trading.

The market capitalisation also fell by 0.28 percent or N41 billion to N14.743 trillion from N14.784 trillion the previous week.

Further analysis of the market activities showed that 36 gainers emerged led by Oando Plc with 39.13 percent increase to close at N9.60 from N6.90; Jaiz Bank Plc placed second, rising by 21.13 percent to close at N0.86 from N0.71.

Skye Bank Plc ranked third with 18.75 percent increase to close at N0.95 from N0.80; Julius Berger Nigeria Plc appreciated by 14.89 percent to close at N27.00 from N23.50, while Unity Bank Plc closed the list of the top five gainers, rising by 14.41 percent to close at N1.27 from N1.11 per share.

On outlook for next week, analysts at Cowry Assets Management, said: “We expect the local bourse to close in the green territory as investors mop up stocks with impressive first quarter earnings.”

Also analysts at Cordros Capital also expects that declining fixed income yields, relatively lower prices of value stocks and expected positive corporate releases will all combine to drive the market.

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