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Stock market extends losing streak, sheds N80bn


The nation’s stock market fell further on Monday, extending its losing streak to six consecutive trading sessions as profit-taking persisted.

The market opened the week lower as the All-Share Index of the Nigerian Stock Exchange shed 0.34 per cent to close at 41,564.31 basis points from 41,709.09 last Friday.

The market capitalisation of equities listed on the NSE dropped by N80bn to N21.74tn on Monday from N21.82tn on Friday.

Sixteen firms recorded price losses while 23 gained at the end of trading on the floor of the NSE on Monday.

Champion Breweries Plc, which led the losers, saw its share price fall by 9.75 per cent to N2.50.

It was followed by PZ Cussons Nigeria Plc and Jaiz Bank Plc, which depreciated by 9.73 per cent and 9.72 per cent to close at N5.10 and N0.65 per share respectively.

Cornerstone Insurance Plc lost 9.23 per cent to close at N0.59 per share while R.T. Briscoe Nigeria Plc declined by 9.09 per cent to N0.20 per share.

McNichols Plc led the gainers on Monday as its share price rose by 9.59 per cent to N0.80 while that of UPDC Real Estate Investment Trust appreciated by 9.09 per cent to N6.00.

Multiverse Mining and Exploration Plc gained 8.33 per cent to close at N0.26 per share; Fidson Healthcare Plc was up 8.30 per cent to N6.00 per share, while Africa Prudential Plc increased by 8.21 per cent to N725 per share.

Analysts at Cordros Capital Limited said a sell-down in Guaranty Trust Bank Plc extended last week’s bearish trading, with the month-to-date loss increasing to -2.0 per cent, while the year-to-date gain moderated to +3.2 per cent.

They said, “The total volume of trades declined by 29.4 per cent to 340.28 million units, valued at N2.64bn, and exchanged in 5,251 deals. Union Bank of Nigeria was the most traded stock by volume and value at 78.81 million units and N457.06m, respectively.

“Sectoral performance was broadly negative, following declines across the Banking (-2.7 per cent), insurance (-0.8 per cent), and consumer goods (-0.3 per cent) indices. The industrial goods (+0.1 per cent) index was the lone gainer, while the oil and gas index closed flat.”

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