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Nigerian Stocks Drown Deeper by 1.10% as Weak Sentiments Persist

By Modupe Gbadeyanka

The Nigerian Stock Exchange (NSE) depressed further on Tuesday with major market indices closing in the red territory by 1.10 percent.

The All-Share Index (ASI) depreciated further today by 359.6 basis points to close at 32,410.20 basis points, while the market capitalisation declined by N162.2 billion to finish at N11.17 trillion, and the YTD Return reduced to 20.60 percent.

But despite the losses recorded at the market today, the volume and value of shares closed higher with investors trading a total of 206.2 million shares valued at N1.7 billion in 4,294 deals, against 162.4 million units exchanged yesterday in 3,488 deals worth N1.5 billion.

However, the market breadth finish negative on Tuesday with only 10 gainers compared with 31 losers.

Business Post reports that the most active stock on the trading floor of the NSE today was Fidelity Bank, which exchanged a total of 33.2 million at N42.3 million.

It was followed by Transcorp, which traded 24.4 million worth N34.5 million, and Access Bank, which sold 17.6 million shares valued at N162.4 million.

Furthermore, First Bank exchanged 15.6 million shares worth N92.3 million, while Sterling Bank transacted 13.4 million shares valued at N13.6 million.

A look at the price movement chart showed Seplat emerging the biggest loser at the market on Tuesday, shedding N4.95k to close at N460.5k per share.

Guinness came second after losing N3.39k to settle at N64.54k per share, and Nigerian Breweries emerged third after dropping N3 to end at N158.5k per share.

Other losers today were Conoil, which went down by N2.11k to finish at N40.23k per share, and Julius Berger, which fell by N1.78k to wrap the day at N33.83k per share.

On the gainers’ log, Red Star Express occupied the first position after adding 49k to its share price to close at N5.32k per share.

Northern Nigeria Flour Mills improved by 22k to finish at N5.70k per share, and Honeywell Flour Mill gained 19k to end at N2.12k per share.

UAC-PROP moved up by 10k to finish at N2.80k per share, while Africa Prudential rose by 6k to settle at N2.98k per share.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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