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Nigerian equity market reverses uptrend, sheds 0.56%

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The Nigerian equity market reversed the positive sentiment that has been reigned for some days, as it declined 0.56 per cent on Tuesday on the back of profit-taking by investors.
The All-Share Index was down 152.45 points, representing 0.56 percent drop to close at 26,883.33 compared with 27,035.78 achieved on Monday.
The market capitalisation also shed shed N74 billion to close at N12.975 trillion.
The bourse’s decline was spurred by losses recorded in large and medium capitalised stocks, amongst which are: MTN Nigeria, Unilever Nigeria, Access Bank, Dangote Cement and United Bank for Africa.
Analysts at Afrinvest Limited said that “despite the loss, we expect investors to take positions in fundamentally sound stocks, paving ways for price appreciation in the local bourse.”
Market breadth closed at par, with 17 gainers and 17 losers.
MTN Nigeria Communications recorded the highest loss for the day, dropping by N2 to close at N118 per share.
Unilever trailed with a loss of N1.15 to close at N16.30, while Access Bank was down by 50k to close at N9.30 per share.
Dangote Cement lost 40k to close at N144, while UBA declined by 30k to close at N7.05 per share.
Conversely, Dangote Sugar led the gainers’ table during the day, gaining 80k to close at N14.60 per share.
Nigerian Breweries followed with a gain of 40k to close at N50.90, while Flour Mills garnered 35k to close at N18.20 per share.
Fidson added 25k to close at N3.75, while Guaranty Trust Bank increased by 20k to close at N29.80 per share.
An analysis of the activity chart indicates that United Capital was the toast, accounting for 24.81 million shares worth N60.35 million.
Zenith Bank followed with an exchange of 24.11 million shares worth N446.97 million, while Dangote Sugar accounted for 18.89 million shares valued at N272.68 million.
Guaranty Trust Bank sold a total of 17.81 million shares valued at N530.09 million, while FBN Holdings traded 14.53 million shares worth N101.09 million.

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