Equities Market Kicks Off Week With N47bn Loss

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The Nigerian equities market resumed this week on a negative note with N47 billion loss as profit-taking dominated trading activities yesterday.

The All Share Index decreased by 87.74 absolute points, representing a dip of 0.16 per cent to close at 53,113.64 points. Similarly, the market capitalisation lost N47 billion to close at N28.634 trillion.The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Chemical Allied Products , Stanbic IBTC Holdings, Guaranty Trust Holding Company , Lafarge Africa and Dangote Sugar Refinery.

On market outlook, GTI Securities Limited said: “Equity market closed negative, as investors await tomorrows fed decision on interest rates. We expect cautious trading and profit taking to continue during the week.” Market breadth closed negative, with 24 losers versus nine gainers. Learn Africa recorded the highest price gain of 9.72 per cent, to close at N2.37, per share. SUNU Assurance Nigeria followed with a gain 9.38 per cent to close at 35 kobo, while Wapic Insurance appreciated by five per cent to close at 42 kobo, per share.

FBN Holdings went up by 2.94 per cent to close at N10.50, while Stelring Bank appreciated by 1.97 per cent to close at N1.55, per share. On the other hand, CAP led the losers’ chart by 9.93 per cent, to close at N18.15, per share.

 

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