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Nigeria's equity market suffers ₦51 billion drop

Market breadth closed positive with 28 gainers and 26 losers on the trader's chart.

The Nigerian Stock Exchange building (image used for illustration) [Reuters/Akintunde Akinleye]

Specifically, the market capitalisation opened at ₦55.861 trillion to close at ₦55.810 trillion, representing 0.09% decrease.

The All-Share Index also dropped by 0.09% or 93 points, to close at 101,995.53, as against 102,088.30 posted on Friday. Consequently, the Year-To-Date (YTD) return fell to 36.41%.

The downward performance was dues to selloffs in some of the stocks of Tier-one banks such as FBN Holdings, United Bank for Africa (UBA) and Zenith Bank as well as Dangote Cement.

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A total of 294.32 million shares valued at ₦6.72 billion were exchanged in 9,957 deals, compared to ₦291.01 million shares valued at ₦6.02 billion recorded in 7,710 deals at the previous session.

However, analysis of the market activities indicated trade turnover settled higher relative to the previous session, with the value of transactions up by 11.69%.

On the losers chart, Nestle Nigeria Plc led in percentage terms of 10 to close at N990. Eterna Plc followed by 9.97 per cent to close at N15.80 per share.

FIDSON Healthcare Plc lost 9.82% to close at ₦15.15, CWG Plc trailed by 9.56 per cent to close at ₦6.15, while Sunu Assurances declined by 9.09% to close at ₦1.90 per share.

Conversely, National Salt Company of Nigeria (NASCON) led the gainers' table in percentage terms of 10 to close at ₦66, Juli Plc gained 9.83% to close at ₦2.57 per share.

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FBN Holdings appreciated by 9.68% to close at ₦34, WAPIC Insurance rose by 8.96% to close at 73k, while Daar Communications went up by 8.86% to close at 86k per share.

On the activity chart, FBNH led in volume and value with trade of 73.84 million shares valued at ₦2.42 billion, followed by United Bank of Africa (UBA) which sold 20.67 million shares worth ₦493.05 million.

Zenith Bank also traded 20.62 million shares valued at ₦731.41 million, Fidelity Bank sold 19.98 million shares worth ₦205.40 million and Veritas Kapital transacted 12.32 million shares valued at ₦8.96 million.

Meanwhile, market breadth closed positive with 28 gainers and 26 losers on the trader's chart.

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