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Investors lose ₦1bn in cautious trading on NGX

Analysis of the market activities indicated that trade turnover settled lower relative to the previous session, as the value of transactions declined by 15.68 per cent.

Investors lose ₦1bn in cautious trading on NGX

Specifically, the market capitalisation which opened at ₦55.872 trillion dipped one billion naira to close at ₦55.871 trillion.

Similarly, the All-Share index shed 174 points to settle at 102,106.31, compared to 102,108.05 posted in the previous session.

As a result, the Year-To-Date (YTD) return slipped to 36.55 per cent.

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Reacting David Adonri, Vice Chairman, Highcap Securities Ltd., said investors in the stock market had made a lot of profit, hence the recent sell-offs witnessed in the market.

Adonri, in an interview with the News Agency of Nigeria (NAN) in Lagos, said that downtown market performance was not unusual, having witnessed several weeks of unimaginable gain.

He said: “Any investor who has not taken his or her profit would have no one to blame.

“Many of the investors left now in the market are institutional investors who have been investing for a very long time and are not bothered about the short-term volatility of the market."

Meanwhile, market breadth closed negative with 35 declining stocks outnumbering 17 advancing ones.

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Selloffs in Tier-one banks, namely: Zenith Bank, Guaranty Trust Holding Company (GTCO) and United Bank of Africa (UBA) kept the market in the negative terrain.

On the losers’ chart, AIICO Insurance led by 9.92 per cent to close at ₦1.18, Cadbury trailed by 9.50 per cent to close at ₦21.90 per share.

Guinea Insurance lost 8.93 per cent to close at 51k, Tantalizers shed 8.70 per cent to close at 42k and Honeywell Flour declined by 6.69 per cent to close at ₦4.01 per share.

Conversely, Meyer Plc led the gainers’ chart by 10 per cent to close at ₦5.72, Triple Gee gained 9.84 per cent to close at ₦4.13. per share.

Also, Juli garnered 9.09 per cent to close at 84k, Cornerstone Insurance shed 8.78 per cent to close at 2.23 per cent and Africa Prudential Plc rose by 8.70 per cent to close at ₦8.75 per share.

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Transcorp led the activity chart with 39.90 million shares valued at ₦548.82 million, while First Bank Nigeria Holdings (FBNH) sold 33.61 million shares worth ₦840.59.

GTCO transacted 26.02 million shares valued at 1.02 billion, UBA sold 23.95 million shares worth ₦598.17 million and Fidelity traded 18.25 million shares worth ₦211.38 million.

Meanwhile, a total of 341.92 billion shares valued at ₦6.41 billion were exchanged in 9,665 deals, as against 494.19 million shares valued at ₦7.6 billion in 11,761 deals recorded on Tuesday.

Analysis of the market activities indicated that trade turnover settled lower relative to the previous session, as the value of transactions declined by 15.68 per cent.

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