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Bearish market persists as lose N124bn

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By Peter Egwuatu

The bearish trend sustained its hold in the stock market on Tuesday as the Nigerian Stock Exchange, NSE market capitalisation, (value) dropped further by N124 billion.

Specifically, the market capitalisation dipped N124 billion or 0.90 per cent to close at N13.622 trillion against N13.746 trillion recorded on Monday.

The All-Share Index lost 341.80 points or 0.90 per cent to close at 37,605.12 compared with 37,946.92 recorded on Monday.

Meanwhile, blue chips recorded price depreciation with Nestle Nigeria Plc leading the laggards’ table with a loss of N65 to close at N1,510 per share.

Mobil Oil trailed with N9.90 to close at N190, while Lafarge Africa shed N1.50 to close at N39.45 per share.

Dangote Cement shed N1.30 to close at N222.80, while Cadbury depreciated by 70k to close at N12.20 per share.

On the other hand, Beta Glass led the gainers’ table for the day, gaining N4.15 to close at N90.45 per share.

Unilever followed with a gain of N2.50 to close at N55, while Nigerian Breweries garnered 80k to close at N113.90 per share.

Redstar Express increased by 50k to close at N6.50, while Custodian and Allied Insurance added 38k to close at N5.50 per share.

On market activity at the Exchange, Multiverse was the most active stock for the day’s trading, recording 100 million shares worth N20 million.

Zenith Bank Plc  came second recording 16.49 million shares valued at N403.28 million, while Guaranty Trust Bank traded 13.01 million shares valued at N515.96 million.

Access Bank sold 12.90 million shares worth N133.02 million, while FBN Holdings exchanged 10.81 million shares valued at N113.96 million.

In all, investors staked N2.65 billion on 257.39 million shares transacted in 3,932 deals.

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