Stock market index further slips by 0.44%

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Trading on The Nigerian Stock Exchange (NSE) closed on a negative note yesterday as the benchmark indices of the All-Share Index further dropped by 0.44 percent due to investors’ switched to fixed income securities.

The ASI contracted by 175.56 absolute points, representing a decrease of 0.44 perecent to close at 39,522.06points. While the overall Market Capitalization value lost N91.85 billion, representing a decline of 0.44 percent to close at N20.68 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were: MTNN, Lafarge Africa, International Breweries, Dangote Sugar Refinery and Oando.

Analysts at Afrinvest Ltd. attributed the persistent lull to increasing rates in the fixed income market.

They, however, said the current prices of stocks made an attractive case for dividend yields.

The market recorded 30 losers against to 16 gainers.

Japaulgold emerged as the top loser by percentage points for the day’s trading with a price depreciation of 10.00 percent, while Seplat emerged as the top gainer with a price appreciation of 10.00 percent at 54kobo per share.

NEM Insurance trailed with a loss of 9.91 per cent to close at N1.91, while Champion Breweries dipped 9.76 per cent to close at N1.85 per share.

NPF Microfinance Bank declined by 9.47 per cent to close at N1.72, while Linkage Assurance shed 8.93 per cent to close at 51k per share.

On the other hand, Seplat recorded the highest price gain of 10 per cent to close at N583 per share.

AIICO Insurance followed with 5.22 per cent to close at N1.21, while Cornerstone Insurance gained 5.17 per cent to close at 61k per share. UACN Property Development Company improved by five per cent to close at 84k, while Cutix appreciated by 4.21 per cent to close at N2.23 per share.

Transactions in the shares of Zenith Bank topped the activity chart with 41.38 million shares valued at N1.06 billion.

Guaranty Trust Bank followed with 28.99 million shares worth N919.82 million, while United Capital traded 24.61 million shares valued at N145.32 million. AXA Mansard Insurance traded 17.53 million shares valued at N18.46 million, while FBN Holdings transacted 16.54 million shares worth N115.79 million.

The volume of traded stocks advanced by 9.8 per cent to 244.34 million shares valued at N4.13 billion traded in 4,714 deal as against 222.57 million shares worth N5.39 billion exchanged in 4,470 deals on Tuesday.

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