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Market Sheds 0.48% Ahead of MTN Nigeria Listing Thursday

By Dipo Olowookere

The bearish trend on the Nigerian Stock Exchange (NSE) continued on Wednesday as investors prepare for the much-talked about listing of 20.4 billion shares of MTN Nigeria Plc on the local bourse on Thursday.

The equity market depreciated by 0.48 percent to drop the year-to-date loss to 10.00 percent as the volume and value of shares traded declined by 11.66 percent and 22.82 percent.

The total transactions recorded during the midweek trade stood at 176.7 million units of shares sold for N2.1 billion compared with the 200.1 million units worth N2.7 billion of the previous day.

Business Post reports that market capitalisation reduced by N51 billion to settle at N10.627 trillion, while the All-Share Index (ASI) declined by 136.68 points to finish at 28,286.08 points.

At the close of market on Thursday, Forte Oil dominated the losers’ chart, going down by N3.45k to end at N31.50k per share.

CCNN crashed by N1.40k to quote at N13.90k per unit, while Dangote Flour depreciated by 75 kobo to close at N16.25k per share.

Dangote Cement fell by 50 kobo to finish at N178 per unit, while Union Bank dropped 25 kobo to end at N6.75k per share.

At the opposite side, UAC Nigeria took the first spot on the gainers’ table after adding 25 kobo to its share value to close at N7.55k per share.

Dangote Sugar also appreciated by 25 kobo to end at N13.85k per share, while United Capital improved by 5 kobo to end at N2.45k per share.

Chams added 3 kobo to its share value to end at 36 kobo, while Thomas Wyatt gained 2 kobo to quote at 29 per unit.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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