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NSE opens week with 0.04% loss



NSE maintain bearish trend despite listing of Ellah Lakes additional shares

The domestic equities market on Monday extended its losing streak with the All-Share Index dropping by 0.04 per cent, as the country officially entered recession.

Specifically, the All-Share Index lost 15.04 points or 0.04 per cent to close at 34,121.78 compared with 34,136.82 achieved on Friday.

The index was dragged by profit-taking on major financial services, among which are Zenith Bank, Lafarge Africa, Stanbic and Guaranty Trust Bank.

Consequently, month-to-date and year-to-date gains moderated to 11.8 per cent and 27.1 per cent, respectively.

Similarly, the market capitalisation dipped N7 billion or 0.04 per cent to close at N17.830 trillion from N17.837 trillion posted on Friday.

Market breath closed negative with five gainers in contrast with 46 losers.

Custodian Investment, Ardova, Honeywell Flour Mill, Lafarge Africa, Livestock Feeds and Transcorp led the losers’ chart in percentage terms, losing 10 per cent each to close at N5.85, N13.50, N1.08, N22.05, N1.26 and 90k per share, respectively.

Oando followed with 9.97 per cent to close at N2.89, while Neimeth International shed by 9.96 per cent to close at N2.17 per share.

Conversely, Airtel Africa dominated the gainers’ chart in percentage terms with five per cent to close at N525 per share.

BUA Cement trailed with 4.77 per cent to close at N56, while Dangote Cement rose by 3.42 per cent to close at N199.80 per share.

Nestle Nigeria chalked up 1.82 per cent to close at N1,400, while NEM Insurance appreciated by 0.78 per cent to close at N2.60 per share.

Meanwhile, the total volume of shares traded increased by 64.69 per cent to 568.04 million shares worth N7.33 billion in 8,928 deals.

This was in contrast with 344.90 million shares valued at N4.22 billion exchanged in 6,565 deals achieved on Friday.

Transactions in the shares of Zenith Bank topped the activity chart with 79.741 million shares valued at N1.913 billion.

FBN Holdings followed with 72.75 million shares worth N499.58 million, while Access Bank traded 65.74 million shares valued at N520.34 million.

United Bank for Africa traded 46.97 million shares valued at N360.04 million, while Guaranty Trust Bank transacted 37.09 million shares worth N1.27 billion.

Chinyere Joel-nwokeoma

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