First Bank, Ecobank, others drag equity market down by N257bn

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The All-Share Index also dropped by 470.68 base points or 0.75 per cent to close at 62,569.73.

The Conglomerates Industry followed with 451,410 million shares worth N2.186bn in 3,147 deals. The third place was the ICT Industry, with a turnover of 332.705 million shares worth N5.638bn in 4,207 deals.

Trading in the top three equities namely United Bank for Africa, Transnational Corporation Plc and FBN Holding Plc accounted for 1.222 billion shares worth N15.523bn in 8,260 deals, contributing ing 23.28 per cent and 24.48 per cent to the total equity turnover volume and value respectively. Twenty-nine equities appreciated during the week lower than 78 equities in the previous week. Seventy-seven equities depreciated higher than 25 in the previous week, while 50 equities remained unchanged, lower than 53 recorded in the previous week.

Atop the gainers table was Daar Communications whose shares appreciated by 50 per cent to close at N0.30. John Holt gained 44.80 per cent to close at N1.81. Ahead of a proposed merger with Dangote Sugar Refinery and Dangote Rice, the stocks of Nascon Allied Industries Plc went up by 22.49 per cent to close at N28.05.

The shares of financial services dominated the losers table with the likes of FBN Holdings losing 22.17 per cent to close at N15.80, Ecobank stocks lost 23.03 per cent to close at N12.70, Wema bank lost 25.55 per cent in its share value to close at N4.05, Sterling Holdco lost 25.42 per cent to close at N3.11, Fidelity bank stocks suffered a 24.97 per cent dip to close at N6.70. Amidst reports of proposed expansion into several African countries, the shares of Access Holdings depreciated by 20.

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