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Stock Market Reverses Three-day Positive Trend, Drops by 0.05%


Trading activities on the stock market of the Nigerian Exchange Limited (NGX) yesterday closed on a negative note, halting the three-day gaining momentum.

The market negative performance was driven by investors profit-taking in large and medium capitalised stocks- Lafarge Africa Plc, Nigerian Exchange Group (NGXGroup), Ardova Plc, UAC of Nigeria (UACN) Plc and Red Star Express Plc.

Specifically, the NGX All-Share Index (ASI) dipped by 23.25 basis points, representing an decrease of 0.05 per cent, to close at 43,707.30 basis points from 43,730.55 basis points it opened for trading

Consequently, the overall market capitalisation value declined by N12 billion to close at N22.809 trillion from N22.821 trillion the market closed the previous day.

Analysing by sectors, the NGX Banking (-1.0per cent), NGX Insurance (-0.3per cent), NGX Industrial Goods (-0.3per cent), and NGX Oil & Gas (-0.2per cent) indices recorded losses while the NGX Consumer Goods (+0.1per cent) index gained.

Furthermore, the market breadth closed negative, recording 19 losers as against 18 gainers. Neimeth International Pharmaceuticals recorded the highest price gain of 10 per cent to close at N1.98, per share.

Chams followed with a gain of 9.09 per cent to close at 24 kobo and Mutual Benefits Assurance went up eight per cent to close at 27 kobo, per share.

Honeywell Flour Mills was up by 6.95 per cent to close at N3.54, while Caverton Offshore Support Group appreciated by 5.88 per cent to close at N1.80, per share. On the other hand, Red Star Express led the losers’ chart by 9.86 per cent to close at N3.29, while Pharma Deko followed with a decline of 9.83 per cent to close at N2.11, per share.

Associated Bus Company and FTN Cocoa processors shed 9.09 per cent each to close at 30 kobo and 40 kobo, while Consolidated Hallmark Insurance shed 8.33 per cent to close at 55 kobo, per share.

The total volume traded decreased by 3.6 per cent to 270.702 million units, valued at N5.627 billion, and exchanged in 3,861 deals. Transactions in the shares of Flour Mills of Nigeria topped the activity chart with 50.595 million shares valued at N1.475 billion.

Transnational Corporation of Nigeria (Transcorp) followed with 38.920 million shares worth N39.249 million, while FBN Holdings (FBNH) traded 21.493 million shares valued at N243.681 million.

Ecobank Transnational Incorporated (ETI) traded 19.153 million shares valued at N164.498 million.

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