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Enterprise Television-NSE: Investors Lose N13bn As 23 Equities Decline
The Nigerian stocks market reversed uptrend after two consecutive days in the green, as investors lost N13 billion spiked by depreciation in the price of 23 companies.
In summary, the All Share Index (ASI) shed 37.76 absolute points, representing a decline of 0.09 percent to close at 40,808.48 points. Similarly, the market capitalisation shed N13 billion to close at N14.741 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Unilever Nigeria, UACN, Forte Oil and Guinness Nigeria.
Analysts at Cordros Capital noted that “in the medium-to-long term, we look for positive performance in the equities market, as relatively lower prices of value stocks further create opportunities for bargain hunting.”
Market breadth closed negative, with 20 gainers versus 23 losers. Oando recorded the highest price gain of 10 percent, to close at N6.60 per share. Wema Bank gained 9.09 percent to close at 84 kobo, while Skye Bank appreciated by 8.82 percent to close at 74 kobo per share.
Sterling Bank appreciated by 5.11 percent to close at N1.85, while Unity Bank and Continental Reinsurance went up by five percent each to close at N1.05 and N1.89 per share, respectively.
On the other hand, Courtville Business Solution led the losers’ chart by 9.09 percent, to close at 20 kobo per share. Japaul Oil shed 7.02 percent to close at 53 kobo, while Consolidated Hallmark Insurance depreciated by 6.06 percent to close at 31 kobo per share.
UAC Property declined by five percent to close at N2.85, while Champion Breweries down by 4.80 percent to close at N2.38 per share.
The total volume traded depreciated by 44.1 percent to 205.3 million shares, worth N3.12 billion, and traded in 4,237 deals. Transactions in the shares of UBA topped the activity chart with 30.16 million shares valued at N328.41 million. Zenith Bank followed with 28.1 million shares worth N727.86 million, while Guaranty Trust Bank traded 21.82 million shares valued at N938.24 million.
FBN Holdings traded 14.38 million shares valued at N175.18 million, while FCMB Groups transacted 13.7 million shares worth N32.67 million.