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Sell Pressure In 15 Stocks Drag NSE’s Indices By N28 Billion

Transactions on the equities sector of the Nigerian Stock Exchange (NSE), reopened on a negative note yesterday, as sell pressure in 15 stocks dragged the market capitalisation by N28 billion.

At the close of transactions, the All Share Index (ASI), was down by 58.54 absolute points, representing an increase of 0.22 per cent to close at 26,390.08 points. Similarly, market capitalisation lost N28 billion to close at N12.847 trillion.

The downturn was impacted by losses recorded in large and medium capitalised stocks, amongst which were; Dangote Cement, Zenith Bank, NEM Insurance, Access Bank, and United Bank for Africa (UBA).

Analysts at Afrinvest Limited said: “This week, we maintain a bearish outlook on the equities market. Nonetheless, positive third-quarter earnings release could stir investors’ appetite.”

Market breadth closed negative, recorded nine gainers against 15 losers. May and Baker Nigeria led the gainers table by 9.50 per cent to close at N2.19, while Cornerstone Insurance followed with a gain of 9.38 per cent to close at 35 kobo, per share.

Trans Nationwide Express and Union Diagnostic & Clinical Services rose by 9.09 per cent each to close at 84 kobo and 24 kobo, respectively, while Law Union and Rocks Insurance gained 8.51 per cent to close at 51 kobo, per share.

On the other hand, NEM Insurance led the laggards’ table with 9.57 per cent to close at 22 kobo. Wapic Insurance followed with 8.57 per cent to close at 32 kobo per share.

Neimeth International Pharmaceuticals shed 7.50 per cent to close at 37 kobo, per share. Omoluabi Mortgage Bank dipped by 5.17 per cent to close at 55 kobo while United Capital down by 1.96 per cent to close at N2.00, per share.

Total volume traded declined by 20.8 per cent to 245.85 million shares valued at N1.36 billion, exchanged in 2,514 deals.

Transactions in the shares of Omoluabi Mortgage Bank topped the activity chart with 110 million shares valued at N60.5 million.

Fidelity Bank traded 25.43 million shares worth N43.18 million and Transnational Corporation of Nigeria Plc (Transcorp) transacted 14.397 million shares valued at N14.67 million.

FBN Holdings followed with 14.35 million shares worth N75.33 million, while Guaranty Trust Bank traded 13.59 million shares valued at N357.8 million.

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