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Stock market sustains downtrend with 0.34% loss

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Stock market sustains downtrend with 0.34% loss

Activities on the floor of the Nigerian Stock Exchange witnessed another drop in share prices as bears sustained their grip on the activities of local bourse following a loss of 0.34 per cent.

Equities market losses widen the second trading day as investors remained on the sideline following investment apathy and profit takings.

However, the local bourse recorded 19 gainers and also 19 losers.

Consequently, the All- Share Index dipped 123.78 basis points or 0.34 per cent to close at 36,652.82 basis points as against 36,776.60 recorded the previous day while market capitalisation of equities depreciated by N43 billion from N12.659 trillion the  previous day to N12.616 trillion as market sentiment remained on the negative territory.

Meanwhile, a turnover of 336.4 million shares exchanged in 3.689 deals was recorded in the day’s trading.

The banking sub-sector of the financial services sector was the most active during the day (measured by turnover volume); with 266.4 million shares exchanged by investors in 1,150 deals. Volume in the sub-sector was largely driven by activities in the shares of Diamond Bank Plc and Skye Bank Plc.

Also, the premium sub-sector, boosted by activities in the shares of Zenith Bank Plc and FBNH Plc followed with a turnover of 19.7 million shares in 709 deals.

Further analysis of the day’s trading showed that AXA-Mansard Insurance Plc topped the day’s gainers’ table with 10.00 per cent to close at N2.31 per share while CCNN Plc followed with 9.23 per cent to close at N10.18 per share.

Linkage Assurance Plc added 6.67 per cent to close at 80 kobo per share.

On the flip side, Vitafoam Plc led the losers’ with a drop of five per cent to close at N2.66 per share while Law Union and Rock Insurance Plc shed 4.71 per cent to close at 81 kobo per share. UPL Plc plunged by 4.67 per cent to close at N2.45 per share.

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