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Nigeria’s Equity Market Index Sustains Downward Trend As FCMB, Sterling Bank Shed Value

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Trading in the local bourse remained bearish, sustaining its downward trend on Wednesday as investors took profits off FCMB, Sterling Bank and 14 other stocks.

Thus, the All-Share Index shed 45.19 points or 0.09 per cent to close at 49,635.76.

Consequently, the month-to-date and year-to-date returns were unchanged at -0.4 per cent and +16.2 per cent, respectively.

The market cap of equities listed on the NGX decreased to N26.753 trillion from N26.778 trillion as of the previous close.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; FCMB Group, Nigerian Exchange Group (NGXGroup), Nigerian Aviation Handling Company (NAHCO), Skyway Aviation Handling Company and Oando Plc.

GTI Securities Limited said “the activities ended bearish, as sell-off persists in medium and large capitalized stocks, such as Oando, NGX Group, Sterling Bank and others. We expect cautious trading to continue as the MPC meeting approaches.”

Market breadth closed at par with 16 gainers and 16 losers.

PZ Cussons Nigeria recorded the highest price gain of 9.76 per cent, to close at N9.00, per share.

NPF Microfinance Bank followed with a gain of 4.58 per cent to close at N1.60 and UACN rose by 3.64 per cent to close at N11.40 per share.

Associated Bus Company went up by 3.57 per cent to close at 29k, while Japaul Gold & Ventures appreciated by 3.45 per cent to close at 30k per share.

On the other hand, Chams led the losers’ chart by 10 per cent to close at 27k per share.

FCMB Group followed with a decline of 8.02 per cent to close at N3.21, while McNichols went down by 7.46 to close at 62 kobo, per share.

FTN Cocoa processors lost 6.67 per cent to close at 28 kobo, while Cornerstone Insurance shed 6.06 per cent to close at 62k per share.

The total volume traded declined by 7.2 per cent to 128.941 million units, valued at N1.67 billion exchanged in 3,426 deals.

Transactions in the shares of Sterling Bank topped the activity chart with 26.85 million shares valued at N39.61 million.

Zenith Bank followed with 10.19 million shares worth N205.20 million, while Guaranty Trust Holding Company traded 9.30 million shares valued at N184.48 million.

Ecobank Transnational Incorporated (ETI) traded 7.62 million shares valued at N83.78 million, while Fidelity Bank transacted 6.21 million shares worth N21.16 million.

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