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Equity market sheds N269bn on Unity Bank, Champion shares dip


The Nigerian Exchange Limited continued its downtrend on Tuesday as it declined by 0.48 per cent on the back of loss suffered by FBN Holdings, Unity Bank and Champion Breweries.

The All-Share Index dropped to 98,228.50 points, while the market capitalisation settled at to settle at N55.55tn.

At the close of trading, investors saw their wealth decline by N269bn amid subdued trading activities.

The total deals dipped by 9.45 per cent to 9,620 and the value of trade reduced by 6.76 per cent to N8.35bn.

Despite the decline, traded volume edged up by 0.93 per cent to 425.66 million units.

The exchange recorded 15 gainers and 28 losers, at the close of trading.

Sectoral performance leaned towards the bearish side, with the banking, insurance, and consumer goods sectors declining 3.11 per cent, 1.48 per cent, and 0.66 per cent, respectively, while the oil/gas and industrial goods indices remained unchanged.

Noteworthy gainers for the session included JapaulGold, May & Baker and Presco appreciating 10 per cent each.

United Bank for Africa emerged as the most traded security in terms of volume and value with 102.23 million units, worth N2.68bn, transacted in 952 trades.

UBA recently released its annual report where it recorded a 110 per cent growth in its gross earnings in the first quarter of 2024.

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