Stock Market Begins First Trading Week with N32bn Decline

The stock market of the Nigerian Exchange Limited commenced March dropping by N32billion on investors’ profit-taking in large-mid capitalised stocks.

Particularly, investors’ intense profit-taking activities witnessed in Lafarge Africa that depreciated by 8.8per cent to N24.00 per share, United Bank for Africa plc that declined by 5.2 per cent to close at N8.25 and Zenith Bank that dropped by 1.9 per cent to close at N26.45 drove the weekly stock market loss.

A total turnover of 1.374 billion shares worth N23.786 billion in 28,809 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 1.668 billion shares valued at N19.481 billion that exchanged hands last week in 25,979 deals. “Trading in the top three equities namely FCMB Group Plc, Transnational Corporation of Nigeria Plc and Zenith Bank Plc accounted for 416.676 million shares worth N2,989 billion in 3,321 deals, contributing 30.32per cent and 12.57per cent to the total equity turnover volume and value respectively,” the weekly report by NGX stated.

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