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Sell-Off persists as stock market drops lower, records 0.84% loss

By Peter Egwuatu

The stock market closed lower on Thursday shedding 0.84 percent to extend downtrend to seven consecutive trading sessions as sell- off persists.

Nigerian Stock Exchange

Specifically, the All Share Index (ASI) was down by 270.56 points, representing a decrease of 0.84 percent closing at 32,022.23 points. Similarly, the market capitalisation was down by N98.78 billion, representing a decrease of 0.84 percent, closing at N11.69 trillion.

Market breadth closed negative, recording 9 gainers against 26 losers. The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; WAPCO (-10.00 percent), Honey Flour (-8.63 percent), Forte Oil (-7.41 percent), NESTLE (-5.48 percent), Access Bank (-5.00 percent), Dangote Flour (-4.76 percent), Dangote Sugar (-2.11 percent), FBNH (-1.23 percent) and Zenith Bank (-0.51 percent).

Conversely, GTBank topped the gainers’ table with 35kobo to close at N32.95, while UBA and Nigerian Breweries gained 10kobo each to close at N7.15 and N84.10 per share respectively.

Unity Bank followed with a gain of 7kobo to close at 85kobo, while Sky Bank gained 6kobo to close at 67kobo per share.

GTBank was the toast of investors, trading 28.19 million shares worth N640.13 million transacted by investors in 188 deals. Zenith Bank came second, trading 25.86 million shares valued at N37.36 million exchanged by investors in 275 deals, while Sky Bank trailed, trading 18.87 million shares worth 291.46 million in 120 deals.

UBA traded 16.31 million shares worth N443.05 million in 148 deals, while FBN Holdings recorded 7.36 million valued at N91.97 million in 227 deals.

A total of 173.55 million shares valued at N3.71 billion were traded in 3,082 deals on the Nigerian Stock Exchange (NSE) on Thursday. This was against the 246.91 million shares worth N6.930 billion traded in 3,912 deals recorded on Wednesday, representing 29.711 per cent decrease in volume.


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