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Foreign investors exit, uncertainties drag NSE’s indices further by N13b

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Exit of foreign investors, amid political instability have continued to induce sell pressure on the equity sector of the Nigerian Stock Exchange (NSE), as the market recorded the seventh consecutive decline at the end of yesterday’s transactions,

Specifically, the All -Share index (ASI) declined by 35.86 points or 0.10 per cent to close at 35,410.61 points, while year-to-date loss further dipped to 7.44 per cent. Also, investors lost N13billion in value as market capitalisation fell to N12.928trillion.Yesterday’s negative performance was largely driven by sell offs in Guinness Nigerian, Flourmills Nigeria, Oando, United Bank for Africa (UBA), and Guaranty Trust Bank.

Analysts at APT Securities and Funds Limited, said current decline in equities market performance can be attributed to withdrawal of foreign investors, which is augmented by political uncertainties in the country. Afrinvest Research said: “We note that market performance was largely driven by brewing political risk. Based on this, we expect sell pressures to be sustained in the market till midweek.”Market breadth closed negative with 14 gainers versus 26 losers. Eterna Oil recorded the highest price gain of 9.92 per cent, to close at N7.20 per share.

UAC of Nigeria followed with a gain of 7.69 per cent to close at N14, while Coutville Business Solution appreciated by five per cent to close at 21kobo per share.
Caverton Offshore Support Group appreciated by 4.74 per cent to close at 21kobo, while International Breweries gained 4.53 per cent to close at N33.45 per share.
On the other hand, Mutual Benefit Assurance and Union Diagnostic & Clinical Services led the losers’ chart by 9.09 per cent each, to both close at 30kobo per share.
Livestock followed with a decline of 8.70 per cent to close at 63kobo, Wema Bank depreciated by 7.35 per cent to close at 63kobo, while Secure Electronic Technology shed 6.90 per cent to close at 27kobo, per share.

The total volume traded declined by 16.87 per cent to 160.43 million shares worth N2.21billion, traded in 3,120 deals.Transactions in the shares of UBA topped the activity chart with 30.6 million shares valued at N288.38million. FBN Holdings followed with 14.04 million shares worth N134.94million, while Guaranty Trust Bank traded 13.87 million shares valued at N536.91million. Zenith Bank transacted 12.42 million shares worth N291.55million, while Transnational Corporation of Nigeria (Transcorp) traded 9.92 million shares valued at N11.43 million.


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