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Nigerian equity market stretches downtrend to fifth consecutive trading session



The Nigerian equity market extended its downturn to the fifth consecutive trading day on Wednesday, declining by 0.39 per cent, driven by sell pressure on bellwether stocks like Access Bank, GTBank and 20 others.

Consequently, the All-Share Index (ASI) dipped by 96.33 absolute points, representing a 0.39 per cent decline to close at 24,656.99 points, as the Market Capitalization shed N49.56 million, representing a decrease of 0.38 per cent to close at N12.86 trillion.

CHAMS top 17-gainer chart, having added 9.5 per cent, while PZ shed 10 per cent to lead 21 other losers.

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There was an improvement in the volume and value traded, which were up 12.7 per cent and 23.8 per cent to 189.2 million units and ₦1.9 billion, respectively.

FBNH (44.4m units), Zenith Bank (21.3m units) and Access Bank (18.9m units), which the most active equities in volume terms,  while Zenith Bank (₦349.4m), FBNH (₦241.1m) and SEPLAT (₦241.0m) led by value.

The Insurance and Banking indices advanced by 0.9 per cent and 0.2 per cent, respectively, on the back of gains recorded by AIICO (+28.0 per cent), PRESTIGE (+4.4 per cent), Zenith Bank (+0.9 per cent) and FBNH (+0.9 per cent).

However, the Oil & Gas and Consumer Goods sectors declined 4.1 per cent and 1.6 per cent, respectively, due to sell-offs in SEPLAT (-10.0 per cent), Nigerian Breweries (-3.6 per cent) and International Breweries (-9.9 per cent).

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