Bears hold sway as stocks value drops N123bn

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Bears hold sway as stocks value drops N123bn

The Nigerian equity market closed Tuesday’s trading, reversing previous positive sentiments as the traded stocks dropped by N123 billion compared with the N69 billion gains recorded on Monday.

Specifically, the market capitalisation which opened at N20.892 trillion dipped N123 billion, representing a decline of 0.59 percent to close at N20.769 trillion. The All-Share Index contracted by 234.01 absolute points or 0.59 percent to close at 39,697.62 points.

Accordingly, the month-to-date and year-to-date losses increased to 0.30 percent and 1.4 percent, respectively.

Market watchers attributed the price depreciation of bellwether stocks like Nestle, Flourmill, WAPCO and 22 other stocks.

Mutual Benefits Assurance led the losers’ chart in percentage terms, losing by 10 percent to close at 36kobo per share. Ardova followed with 9.97 percent to close at N16.25, while Champion Breweries shed by 9.69 percent to close at N2.05 per share.

The Initiates lost 9.62 percent to close at 47kobo, while Sterling Bank lost 8.75 per cent to close at N1.46 per share.

Conversely, Academy Press dominated the gainers’ chart in percentage terms, improving by 9.76 per cent to close at 45kobo per share.

PZ Cussons followed with 9.38 percent to close at N5.25 per share. Royal Exchange and Beta Glass Company rose by eight percent each to close at 27kobo and N54 per share, respectively. Regency Alliance Insurance chalked up 7.69 percent to 28kobo per share.

Transactions in the shares of Zenith Bank topped the activity chart with 48.10 million shares valued at N1.24 billion.

United Capital followed with 20.24 million shares worth N121.97 million, while Mutual Benefits Assurance traded 19.44 million shares valued at N7.22 million. Japaul Gold and Ventures sold 17.06 million shares valued at N10.48 million, while AXA Mansard Insurance transacted 8.97 million shares worth N9.38 million.

Investors bought and sold 222.57 million shares valued at N5.39 billion exchanged in 4,470 deals as against 543.99 million shares worth N1.89 billion achieved in 4,673 deals on Monday.

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