Market down by  N274bn on NGX in single day trading

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Market down by  N274bn on NGX in single day trading

Mixed sentiments persisted on the nation’s bourse on Wednesday with the market capitalisation dropping N274 billion in six hours of trading due to sell-off of blue chips.

Specifically, the market capitalisation dipped N274 billion or 1.33 per cent to close at N20.296 trillion from N20.570 trillion achieved on Tuesday, while the All-Share Index which opened at 39,305.48 points lost 524 points or 1.33 per cent to close at 38,781.48.

The loss was driven by price depreciation in large and medium capitalised stocks, amongst which were; Guinness Nigeria, International Breweries, Ardova Plc, PZ Cussons and UACN.

The market sentiment remained negative with 23 laggards against 20 gainers.

FTN Cocoa Processors led the losers’ chart in percentage terms with 10 per cent to close at 36k per share.

Neimeth International Pharmaceuticals followed with 8.95 per cent to close at N1.73, while International Breweries lost 8.77 per cent to close at N5.20 per share. PZ Cussons dropped 7.41 per cent to close at N5, while Cornerstone Insurance shed 7.02 per cent to close at 53k per share.

On the other hand, Consolidated Hallmark Insurance drove the gainers’ chart in percentage terms with 10 per cent to close at 33k per share.

Portland Paints & Products Nigeria followed with a gain 8.33 per cent to close at N2.60, while Royal Exchange went up by 7.14 per cent to close at 45k per share. Associated Bus Company rose by 6.90 per cent to close at 31k, while Japaul Gold and Venture gained 5.17 per cent to close at 61k per share.

The total volume of shares transacted increased by 2.8 per cent to 259.51 million shares valued N1.91 billion exchanged in 3,547 deals as against 252.58 million shares worth N1.78 billion achieved in 3,477 deals on Tuesday.

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