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Account balancing: Nigerian equity market sheds 0.72%


Lagos  –  The Nigerian equity market on Thursday, dropped by 0.72 per cent due to month-end accounts balancing embarked by portfolio managers.

The News Agency of Nigeria (NAN) reports that the market capitalisation of the Nigerian Stock Exchange (NSE) lost N74 billion or 0.72 per cent to close at N10.165 trillion against N10.239 trillion achieved on Wednesday.

Similarly, the All-Share Index, which opened at 29,812.91, shed 215.12 points or 0.72 per cent to close at 29,597.79 posted on Wednesday.

NAN reports that Seplat topped the losers’ chart, dropping by N3.69 to close at N190.34 per share.

Forte Oil also dipped N3.69 to close at N190.34, while Nigerian Breweries shed N2.01 to close at N138 per share.

Dangote Cement lost N2 to close at N192 and ETI shed 51k to close at N16 per share.

Conversely, Guinness led the gainers’ table, growing by N2.85 to close at N109.25 per share.

Conoil followed with a gain of N1.10 to close at N23.10, while Union Dicon increased by 78k to close at N16.53 per share.

Berger Paint rose by 38k to close at N8.05, while Oando improved by 30k to close at N6.50 per share.

In spite of the drop in market indices, volume of shares traded closed higher as investors staked N4.65 billion on 342.60 million shares transacted in 4,078 deals.

NAN reports that this was against a total of 305.81 million shares valued at N2.86 billion traded in 4,640 deals on Wednesday.

Guaranty Trust Bank led the activities for the day, trading 66.34 million shares worth N1.53 billion.

It was trailed by ETI with 41.66 million shares valued at N666.58 million, while AIICO Insurance exchanged 36.21 million shares worth N25.14 million.

Union Dicon Salt traded 33.73 million shares valued at N557.55 million and FBN Holdings sold 26.42 million shares worth N103.09 million. (NAN)

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