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Stock market reopens bearish, down by N233 billion

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Nigeria Stock Exchange, Lagos

Equity transactions on the floor of the Nigerian Stock Exchange (NSE), reopened on a downward note yesterday, following price losses suffered by  most blue chip stocks, causing market capitalisation to dip N233billion.
Specifically, at the close of trading yesterday, the market capitalisation shed N233billion or 1.53 per cent to close at N15.068trillion against N15.301trillion on Friday.Similarly, the All-Share Index, which opened at 42,638.83 lost 650.65 points or 1.53 per cent to close at 41,988.18 achieved on Friday.
Analysts at Afrinvest Research said: “Following two successive weeks of decline in the broader index, we anticipate a rebound this week as already indicated by strengthening market breadth. Furthermore, we believe bargain hunting by investors and selective positioning ahead of the full year earnings season will also drive market performance.”
A breakdown of activities on the price movement table showed that Nestle led the losers’ chart with 58.20 kobo to close at N1,341. 80 per share. Dangote Cement followed with a loss of 8.60 kobo to close at N251.30 per share. Nigerian Breweries was down by 2.10 kobo to close at N128.90 per share.PZ Cussons dropped by 2.00 kobo to close at N23 .00 per share. Enamel West Africa declined by 1.15 kobo to close at N22.10 per share.
On the other hand, International Breweries led the gainers’ table, adding by 1.25 kobo to close at N59.00 per share. Guaranty Trust Bank followed with a gain of 1.00 kobo to close at N47.50 per share.
Cement Company of Northern Nigeria (CCNN) added 35 kobo to close at N18.50 per share. Fidson Healthcare gained 22.00 kobo to close at N4.69 per share. Mansard Insurance increased by 13 kobo to close at N2.78 per share.
Investors exchanged 287.18 million shares valued at N2.29billion in 4,646 deals lower than 815.85 million units worth N8.06billion exchanged in 4,808 deals on Friday.
The banking equities maintained its leadership as the most active with Skye Bank dominating with an exchange of 57.99 million shares worth N63.21million. Diamond Bank followed with an account of 40.33 million shares valued at N106.72million, while FCMB Group traded 35.34 million shares worth N89.42million.Jaiz Bank exchanged 18.98 million shares valued at N20.37million, while Zenith International Bank sold 15.65 million shares worth N497.02million.

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