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Large caps losses dip equities market by 1.8 per cent

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The equities market reverses previous trading session gains to resume its bearish losses in large-capitalisation stocks pushes the All Index (ASI) lower.

At the Nigerian Stock Exchange (NSE), on Tuesday, the ASI shed 1.80 per cent in the trading session to close at 38,686.85 basis points.

The day’s negative outing, largely attributed to losses the stocks of MTN , Zenith Bank, Guaranty Trust Bank, Wapco, FBN Holdings and United Bank for Africa, pegged the year-to-date performance of the Nigerian Bourse at -3.93 per cent.

Consequently, market capitalisation stood at N20.241 trillion at the end of trading as investors lost N371 billion.

The bears also swayed the market breadth in their favour as 14 counters in the gainers’ chart were matched by 25 counters in the losers’ chart.

On the performance chart, Champion Breweries, Neimeth, Cutix, Sugar and Nasco led the gainer’s chart as the best-performing stocks in Tuesday’s session.

And from the rear of the chart, United Bank for Africa led the losers’ chart, followed by Eterna Oil, Caverton, NNFM and Vanleer.

Most sectoral indices closed in tandem with the ASI, save for the Consumer Goods sector that gained 0.39 per cent on the back of positive outings by Champion Breweries whose share appreciated by 9.78 per cent, Dangote Sugar by 7.99 per cent and NASCON, by 7.69 per cent.

Market activity as measured by both volume and value of trades surged on Tuesday as daily traded volume stood at 489 million units, a 64.83 per cent increase from a volume of 297 million units recorded in the previous trading session.

Value of traded stocks also inclined by 110.82 per cent to stand at N6.650 billion from a trade value of N3.154 billion recorded in the previous trading session.

UBA was the most traded stock in terms of units, having traded 123 million units, representing 0.36 per cent of its shares outstanding; followed by Mutual Benefits FBN Holdings, Access Bank and Zenith Bank.

In respect to the value of traded stocks, MTN Nigeria, United Bank for Africa, Zenith Bank, FBN Holdings and Guaranty Trust Bank made up the top five performers.

 

Samuel Nelson
OduNews on Google News

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