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21 Stocks Further Weaken Equities Market by 0.08%

By Modupe Gbadeyanka

Midweek trade at the Nigerian stock market closed on a negative note as profit taking by investors persisted.

Business Post reports that losses recorded by 21 stocks on the trading floor of the Nigerian Stock Exchange (NSE) on Wednesday further weakened the market by 0.08 percent, shrinking the year-to-date return to 36.34 percent.

Low trade still engulfed the market as the volume and value of shares transacted today declined by 6.25 percent and 38.08 percent respectively.

At the close of activities on the floor of the NSE on Wednesday, a total of 198.6 million shares worth N2.9 billion exchanged hands in 3,543 deals in contrast to 211.9 million shares sold yesterday in 3,890 deals at N4.7 billion.

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Today saw GTBank emerging the most traded stock in terms on volume, trading 37 million shares valued at N1.6 billion.

Sterling Bank sold 26.9 million for N26.9 million, while Access Bank transacted 20 million shares worth N198.5 million.

Furthermore, Fidelity Bank traded 19.7 million shares at N29.2 million, and Zenith Bank exchanged 13.6 million shares valued at N359 million.

On a sectoral basis, the Financial Services industry traded a total of 163 million shares valued at N2.4 billion, while the Consumer Goods sector followed with 15.4 million shares traded for N402 million.

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At the close of business today, Total was the highest loser, shedding N7.59k to settle at N245.41k per share.

It was trailed by Flour Mills of Nigeria, which fell by 80k to close at N29.20k per share, and NASCON, which went down by 65k to finish at N13.20k per share.

In addition, Access Bank depreciated by 21k to close at N9.50k per share, while NAHCO declined by 20k to end at N3.40k per share.

On the flip side, GlaxoSmithKline appreciated by N1.10k to rise to N23.15k per share, while Presco moved up by 50k to close at N68 per share.

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Nigerian Breweries progressed by 48k to finish at N162.50k per share, Ecobank rose by 38k to close at N17.59k per share, and Guinness Nigeria expanded by 25k to settle at N101 per share.

A look at the market indices showed that the market capitalisation depreciated by N9.7 billion to close at N12.6 trillion, while the All-Share Index (ASI) declined by 28.09 points to settle at 36,641.52 points.

Also, the market breadth closed negative on Wednesday with 21 stocks declining against 13 equities which appreciated.

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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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