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Nigerian equity market halts uptrend; sheds 0.38%



Losses suffered by bellwether stocks halted the uptrend of the Nigerian equity market, which depreciated 0.38 per cent on Thursday.

Dangote Cement, Dangote Sugar and 14 others that were bearish caused the All-Share Index (ASI) to dip by 95.91 absolute points, representing a 0.38 per cent decline to close at 25,312.05 points, while the Market Capitalization lost N50.04 million to close at N13.20 trillion.

UAC-PROP appreciated 10mper cent to emerge as the top gainer, while CUTIX emerged as the top loser, having shed 9.63 per cent.

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The market performance so far this year, worsened to -5.7 per cent.

The volume and value of equities investors traded declined by 23.5 per cent and 24.7 per cent to 270.2 million units and ₦5.3 billion respectively.

The most active stocks by volume were FBNH (41.4m units), ZENITH (25.2m units), and FCMB (22.1m units), while Dangote Cement (₦2.6bn), MTNN (₦1.0bn) and GTBank (₦465.3m) led by value.

Price appreciation in Dangote Sugar and Dangote Cement buoyed gains in the Consumer (+0.9 per cent) and Industrial (0.2 per cent) Goods indices respectively.

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