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Stock Market Frets Over Inflation As Investors Lose N19.12bn

The Nigerian Exchange remained in negative territory on Thursday as investors recorded a N19.12 billion loss.

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Market Frets Over Inflation As Investors Lose N19.12bn

The NGX All-Share Index dipped by 0.07% to close at 49,540.48 basis points as against a 0.10% loss recorded previously to close at 49,575.93 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N19.12bn loss.

The industrial goods counter managed to close flat yesterday but the others pointed south, with the consumer goods sector losing 0.26 per cent, the insurance space declining by 0.18 per cent, the index dropping 0.16 per cent and the banking sector depreciating by 0.09 per cent.

The August inflation rate released by the National Bureau of Statistics yesterday influenced the trading activities in Customs street as investors focused more on less risky investments.

This was reflected in the level of activity yesterday as the market became relatively quiet after the numbers were released by the stats office.

Investors transacted 167.6 million stocks worth N1.3 billion in 3,458 deals in contrast to the 197.5 million stocks worth N2.9 billion transacted in 3,462 deals in the midweek session, representing a decline in the trading volume, value and number of deals by 15.12 per cent, 57.03 per cent and 0.12 per cent respectively.

Sectoral performance was broadly negative as one (1) NGX sector index closed northward, twelve closed southward and five closed flat. The NGX Industrial Goods Index inched up by 0.14% to top the gainers’ chart while the NGX Insurance Index dipped by 0.57% to top the losers’ chart.

Courteville sold the highest number of shares during the session, 38.8 million units valued at N18.3 million and was followed by Holdings with 28.5 million units worth N249.4 million. Bank exchanged 10.8 million units worth N36.9 million, Transcorp transacted 10.7 million units valued at N11.3 million, while Consolidated Hallmark Insurance traded 9.2 million units valued at N5.3 million.

UAC Nigeria lost 6.82 per cent to trade at N10.25, Vitafoam fell by 5.88 per cent to N20.00, UPDC REIT also went down by 5.88 per cent to N3.20, UPDC dwindled by 5.00 per cent to close at 95 Kobo, while Consolidated Hallmark Insurance depleted by 4.84 per cent to 59 Kobo.

On the flip side, Sovereign Trust Insurance gained 3.85 per cent to close at 27 Kobo, Cadbury Nigeria appreciated by 2.69 per cent to N13.35, Courteville rose by 2.08 per cent to 49 Kobo, Bank improved by 0.77 per cent to N19.65, while chalked up 0.68 per cent to finish at N7.45.

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