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Stock market ends two-day bulls run as index dips by 0.5 per cent

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Brokers on the floor of Nigerian Stock Exchange in Lagos.

Trading in the equity sector of the Nigerian Stock Exchange (NSE) closed on a downward note yesterday, occasioned by price losses suffered by most highly capitalised stocks, as the All-share index plunged by 0.5 per cent.

At the close of transactions yesterday, International Breweries topped the losers’ chart with N4.30 kobo to close at N47.50 kobo per share while Dangote cement followed with N2.70 kobo to close at N245.20 per share.

Unilever lost N2.40 kobo to close at N52.50 kobo per share. FO shed N2.20 kobo to close at N43.00 per share. Nigerian Breweries dropped N1.80 kobo to close at N127.20 per share.

On the other hand, Nestle led others on the gainers’ chart with N20.10 kobo to close at N1590.1 per share while Cement Company of Northern Nigerian followed with N1.55 kobo to close at N22.00 per share.

Okomuoil added N1.05 kobo to close at N78.55 per share. Flourmills garnered N1.00 kobo to close at N35.50 per share. UACN also appreciated by N0.85 kobo to close at N18.00 per share.

Consequently, the All-share index, which measures the performance of listed firms, dropped by 198.21 points or 0.5 per cent to 41,107.81 from 41,306.02 achieved in Wednesday.

Similarly, the market capitalisation of listed equities dropped by N72 billion from N14.962 trillion to N14.890 trillion. Analysts predict mixed performance as investors reposition their portfolio to leverage the capital appreciation from Q1 earnings.

Precisely, the Chief Executive Officer of Investdata consulting Limited, Ambrose Omordion said: “We expect a mixed performance for the week as investors digest the numbers to reposition their portfolios in the midst of low valuations, ahead of first quarter economic data and corporate earnings that is coming to an end, especially the Q1 GDP, Purchasing Managers Index (PMI) and April inflation to reveal the true state of the economy.


“Meanwhile, dividend income players are taking position ahead of more economic data, even amidst the expected sustained volatility and repositioning. However, we would like to reiterate that investors should not panic but go for equities with intrinsic value, especially during this season when dividend payment is approaching.”

United Bank for Africa dominated in volume terms with 79 million shares worth N935 million while Access Bank followed with 57 million units worth N644 million. Etranzact accounted for 20 million shares worth N92 million.

Zenith Bank traded 17 million units worth N488 million. FBN Holdings recorded 12 million shares worth N154 million.


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