Investors’ wealth sheds N426bn as profit-taking stretches

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Investors’ wealth sheds N426bn as profit-taking stretches
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The overall market capitalization of The Nigerian Stock Exchange (NSE) lost N425.92 billion, representing a decrease of 1.96 percent to close Wednesday trading at N21.29 trillion.

The bear showed no sign of loosening its stronghold on investors’ sentiment as the All-Share Index also dropped by 814.15 absolute points, representing a decline of 1.96 percent to close at 40.696.01 points.

The decline was impacted by losses in four major sectors; save for the Oil & Gas sector that remains unchanged.

Furthermore, the market breadth closed negatively, recording 37 losers and 13 gainers.

CAP, Sunu Assurance, eTranzact International, Fidson Healthcare, Regency Alliance Insurance, and Sovereign Trust Insurance drove the losers’ chart in percentage terms, dropping 10 per cent each to close at N18, 81 kobo, N2.25, N5.40, 27 kobo and 27 kobo per share, respectively.

Mutual Benefit Assurance followed with 9.76 per cent to close at 37kobo, while Linkage Assurance shed 9.09 per cent to close at 60 kobo per share.

Conversely, Niger Insurance dominated the gainers’ table in percentage terms, gaining 10 per cent to close at 22 kobo per share.

Champion Breweries trailed with 9.82 per cent to close at N3.02, while Wapic Insurance rose by 7.41 per cent to close at 58kobo per share. Academy Press improved by 6.06 per cent to close at 35k, while Guinness Nigeria appreciated by 4.83 per cent to close at N20.60 per share.

However, the total volume of shares traded increased by 19.9 per cent with an exchange of 366.86 million shares valued at N5.48 billion in 5,718 deals. This was in contrast with 305.93 million shares worth N3.95 billion traded in 4,961 deals in Tuesday trading.

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