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Stock Market Sheds 0.18%

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The Nigerian stock market opened the first trading day of the week, yesterday on a decline side.

In summary, lead indicator, NSE All-Share Index shed 51.41 absolute points, representing a decline of 0.18 per cent to close at 28,283.99 points. Similarly, the market capitalisation shed N18 billion to close at N9.716 trillion.

Stock market analysts noted that “This week, we expect broadly sideways trading patterns likely to be more tilted towards tactical asset allocation as investors continue to await positive triggers especially from the macro side.”

They however said, “Going into fourth quarter, we anticipate investors will remain cautious, with an eye on the pace of economic reforms and developments in the FX market.”

Market breadth was negative, with 10 gainers versus 19 losers. Champion Breweries recorded the highest price gain of 5.6 per cent, to close at N2.65 per share. Capital Hotel gained 5.2 per cent to close at N3.87, while Livestock appreciated  by 4.7 per cent to close at 90 kobo per share.

Guaranty Trust Bank went up by 4.1 per cent to close at N24.99, while FCMB appreciated by 3.7 per cent  to close at N1.11 per share.

On the other hand, Conoil led the losers’ chart by 8.3 per cent, to close at N33.10 per share. Caverton shed 7.9 per cent to close at 70 kobo, while Wema Bank declined by 6.9 per cent to close at 67 kobo  per share.

NEM Insurance depreciated by 4.9 per cent to close at 78 kobo and ETranzact declined by 4.8 per cent each to close at N5.69 per share.

Also, the total volume traded went down by 9.05 per cent to 198.10 million shares, valued at N1.32 billion, and traded in 2,806 deals.

Transactions in the shares of Access Bank topped the activity chart with 41.1 million shares valued at N225.74  million. FCMB followed with 37.66 million shares worth N40.84 million, while UBA traded 23.92 million shares valued at N97.5 million.

Transcorp traded 14.84 million shares worth N15.33 million, while Zenith Bank sold 13.5 million shared valued N209.29 million.

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