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NGX opens trading June with N12bn loss

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NSE maintain bearish trend despite listing of Ellah Lakes additional shares

Sentiments on the nation’s bourse turned negative on Tuesday closing the first trading session in June with a loss of N12 billion, amid losses in Seplat and 16 others.

Consequently, the market capitalisation which opened for the month at N20.034 trillion dipped N12 billion to close at N20.022 trillion.

In the same vein, the All-Share Index lost 23.51 points or 0.06 per cent to close at 38,414.37 from 38,437.88 recorded on Monday.

Accordingly, month-to-date and year-to-date losses stands at 0.1 per cent and 4.6 per cent, respectively.

The downtrend was driven by price depreciation in medium and large capitalised stocks amongst which are; Seplat, Africa Prudential, United Capital, Champion Breweries and Unilever.

An analysis of the price movement indicates that 18 stocks posted price appreciation against 17 losers.

Champion Breweries led the losers’ chart in percentage terms by 9.91 per cent to close at N1.91 per share.

John Holt followed with 7.94 per cent to close at 58k, while Africa Prudential shed 7.26 per cent to close at N5.75 per share.

Honeywell Flour Mill shed 6.61 per cent to close at N1.13, while Chams depreciated by 4.76 per cent to close at 20k per share.

Conversely, Morison Industries dominated the gainers’ chart in percentage terms, gaining 9.57 per cent to close at N1.03 per share.

Wapic Insurance followed with 9.43 per cent to close at 58k, while University Press inched higher by 9.40 per cent to close at N1.28 per share.

Consolidated Hallmark Insurance rose by 9.09 per cent to close at 72k, while Regency Alliance Insurance appreciated by 8.89 per cent to close at 49k per share.

In spite of the drop in market indicators, the total volume of trades traded increased by 36.16 per cent with an exchange of 274.85 million units worth N2.63 billion in 4,159 deals.

This was in contrast with 201.86 million shares valued at N2.12 billion achieved in 3,827 deals on Monday.

Transactions in the shares of United Capital topped the activity chart with 23.97 million shares worth N143.66 million.

Veritas Kapital Assurance followed with 23.12 million shares valued at N4.62 million, while Eterna traded 21.58 million shares worth N163.98 million.

Zenith Bank sold 20.48 million shares valued at N470.70 million, while Transcorp transacted 16.49 million shares worth N14.64 million.

Chinyere Joel-nwokeoma

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective.A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour.The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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