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Stock market decreases further by 0.09%

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NSE maintain bearish trend despite listing of Ellah Lakes additional shares

The stock market on Wednesday declined further as market capitalisation closed at N26.753 trillion from N26.778 trillion on Tuesday, a decrease of N25 billion or 0.09 percent.

Similarly, the All-Share Index (ASI) fell by 45.19 points or 0.09 per cent to 49,599.73 from 49,644.92 recorded at the previous trading.

Consequently, the Year-to-Date (YTD) return fell to 16.2 per cent.

Analysts at Vetiva Dealing and Brokage said, “We do not foresee any major deviation from today’s session as we expect the market to continue to trend mixed with minimal activity.”

The market breath ended with 15 stocks in the gainers and losers’ charts respectively.

PZ led the gainers’ chart with 9.76 per cent, closing at N9 per share. NPF Microfinance Bank followed with an appreciation of 4.58 per cent to close N1.60 per share.

UACN rose by 3.64 per cent to close at N11.40, while ABC Transport gained 3.57 per cent to close at 29k per share.

Japaul Gold and Ventures gained by 3.45 per cent to close at 30 kobo per share.

Conversely, Chams led the losers’ chat with a depreciation of 10 per cent to close at 27k per share.

FCMB followed by dropping by 8.02 per cent to close at N3.21 per share, while MCNichols lost by 7.46 per cent to close at 62k per share.

FTN Cocoa declined by 6.67 per cent to close at 28k, while Conerstone shed 6.06 per cent to close at 62k per share.

A total of 128.94 million shares valued at N1.67 billion were exchanged in 3,426 deals.

Sterling Bank recorded the highest volume of 26.85 million traded shares valued at N39.61 million.

Zenith Bank followed by selling 10.19 million shares worth N205.2 million, while Guaranty Trust Holding Company (GTCO) transacted 9.3 million shares valued at N184.48 million.

Also, Ecobank Transnational Incorporated (ETI) traded 7.62 million shares valued at N83.75 million, while Fidelity Bank transacted 6.21 shares worth N21.16 million.

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Olawunmi Ashafa

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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