Traders lose N312 billion as bearish place persists 

The Nigerian fairness market on Monday prolonged a destructive place because it recorded losses in

The Nigerian fairness market on Monday prolonged a destructive place because it recorded losses in some excessive capitalised shares similar to MTN Nigeria and Warranty Belief Holding Firm GTCO, amongst others.

Additionally, the market capitalisation decreased by N312.44 billion to shut at N27.718 trillion from N28.031 trillion it stood on Friday, representing 1.11 per cent lower.

The All-Share-Index decreased by 111 foundation factors or  1.11 per cent to 51,400.53 factors from 51,979.92 factors recorded on Friday.

Consequently, it indicated a 12 months-to-Date(YTD) elevated return of 21.33 per cent.

Analysts at GTI says, “The Nigerian inventory market begins the week destructive as buyers proceed to react to the current rate of interest hike and the prevailing sovereign danger. We anticipate the pattern to persist all through the week.”

The market breadth was destructive as 13 shares superior and 17 shares declined.

A breakdown of the value motion chart exhibits that CAP, FTNCocoa and NAHCO topped the gainers’ record with 10 per cent every to shut at N18.17, 33k and N6.05 per share, respectively. 

Multiverse Mining and Offshore Know-how trailed with 7.89 per cent to shut at N2.05, whereas Unity Financial institution rose by 7.14 per cent to shut at 45k per share.

Mutual Advantages Assurance additionally rose by 4.17 per cent to shut at 25k whereas Constancy Financial institution inched up by 3.37 per cent to shut at N3.37 per share.

Alternatively, MTN Nigeria led the losers’ chart, dropping by 6.99 per cent to shut at N 213 per share.

UCAP misplaced by 5.51 per cent to shut at N12 whereas Cutix dipped by 5.46 per cent to shut at N2.25 per share.

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RT Briscoe dropped by 5 per cent to shut at 38k, whereas Sovereign Insurance coverage dipped by 3.70 per cent to shut at 26k per share.

In all, a complete of 98.85 million shares valued at N2.51 billion have been exchanged in 4,314 offers.

This was in distinction with a turnover of 205.06  million shares value N3.06 billion traded in 3,600 offers on Friday.

United Financial institution for Africa (UBA) was the toast of buyers, accounting for 15.85 million shares valued at N141.23 million.

Zenith Financial institution got here second with 12.27 million shares value N262.25 million, whereas Transcorp  bought 5.43 million shares valued at N6.19 million.

GTCO accounted for five.7 million shares value N105.72 million, whereas Dangote Sugar transacted 4.18 million shares valued at N66.83 million.