Sell-off: Equity Market Declines by 0.09%, Sheds 37bn

The Nigerian equity market ended its four-day gains as the performance indices declined by 0.09 per cent due to sell-off in Tier-one banking stocks.

The market capitalisation closed with a loss of N37 billion or 0.09 per cent to close at 39.612 trillion, as against N39.649 trillion recorded at on Thursday.

Also, the All-Share Index dropped by 66.6 points or 0.09 per cent to close at 72,389.23 basis points, as against 72,455.83 posted at the previous session.

The downturn was driven by sell-off in some bank stocks like United Bank for Africa (UBA), Access Holdings and First Bank of Nigeria Holdings (FBNH), among others

Meanwhile, Guaranty Trust Holding (GTCo), topped the activities chart with transactions volume of 51.10 billion, while Zenith Bank led in value with 91.24 billion. Naira Devaluation Deepens Economic Crisis in Nigeria

However, Cadbury led the gainers’ table in percentage terms of 9.93 per cent to close at N16.05 per share, while Northern Nigeria Flour Mills (NNFM) followed with a gain of 9.93 per cent to close at N38.78 per share.

Johnholt further rose by 9.85 per cent to close at N0.26 per share,Infinity gained 9.73 per cent at N2.82, while UPDC Real Estate Investment Trust (UPDCREIT) increases by 9.64 per cent at N 4.55.

On the loosers chart, Universal Insurance led in percentage terms by 7.14 per cent to close at N0.26 per share, while Livestock closed by 5.00 per cent at N1.71, FBNH closed 4.92 per cent at N22.20 per share.

FTNCOCOA lost 3.31 per cent to close at N1.46, Oando shed 3.24 per cent to close at N10.45

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