Nigerian Equity Market Falls on Profit-Taking

Market capitalization dropped by N47 billion on Tuesday, the second consecutive decline for the Nigerian equity market.

The market capitalization closed at N25.514 trillion, down from N25.561 trillion the previous day.

Furthermore, the All-Share Index decreased by 87.81 points, representing a decline of 0.19 per cent, to close at 47,340.86, down from 47,428.67 points on Monday.

Based on the market breadth, the sentiment was negative, with 22 stocks declining and 15 posting gains.

The highest price gain was recorded by Veritas Kapital Assurance, which rose 4.76 per cent to close at 22k per share. A gain of 4.55 per cent was registered by Chambers, which closed at 23k per share.

The share price of Eternal Oil rose by 4.17 per cent to N5.25.

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The share price of Unilever rose by 3.85 per cent to close at N13.50, while that of Royal Exchange Insurance appreciated by 3.67 per cent to close at N1.13.

The shares of Neimeth and Lasaco appreciated by 2.86 per cent to close at N1.08k and N1.75 per share, respectively.

Fidelity Bank closed at N2.93 up 2.80 per cent, while Access Bank closed at N10.50 up 2.44 per cent while Sterling Bank closed at N1.56 up 1.96 per cent.

Cornerstone, on the other hand, led the losers’ chart by 8.82 per cent, closing at 62k per share.

At 22k per share, Multvers lost 8.33 per cent, while Scoa fell 7.69 per cent to close at N2.40.

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The stock of Premier Insurance, which closed at 46k per share, declined 6.12 per cent.

FTNCocoa and Japaul Gold each lost 5.71 per cent to close at 33k per share.

The price of shares of AIICO fell 4.41 per cent to close at 65 k, while Niger Insurance fell 4.35 per cent to close at 22 k. FCMB and Unity Bank depreciated by 4.17 per cent and four per cent, respectively, to close at N3.45 and 48k.

A total of 183.26 million shares, worth N2.48 billion, were exchanged in 3,779 deals, a decrease of 85.69 per cent.

The most trading volume was in the shares of the UBA Group, with 23.41 million shares valued at N200.2 million.

First Bank of Nigeria Holdings (FBNH) traded 10.17 million shares valued at N104.44 million in 145 deals, followed by Access Bank with 20.43 million shares valued at N108.914 million in 158 deals.

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Zenith Bank traded 961,078 shares valued N259.64 million in 304 deals.

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