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Airtel Africa, Okomu oil others lead stock market’s N340bn loss

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Building of the Nigerian Stock Exchange (NSE). PHOTO: AYODELE ADENIRAN

After the one-day holiday declared by the Federal government to mark Democracy day celebration, sell-off in the shares of most blue-chip stocks, especially in Airtel Africa and Okomu oil dragged market capitalisation by N340 billion.

At the close of transactions on the Nigerian Exchange Limited (NGX), market capitalisation of listed equities depreciated by N340 billion to N20.069 trillion from N20.409 trillion recorded on Friday. Similarly, the All Share Index (ASI) also decreased by 648.99 points to 38507.29 from 39156.28.

Vetiva Dealing & Brokerage said: “With bearish sentiment appearing to hold sway in the market at present, we believe further sell-downs are possible in the coming sessions. However, we do expect savvy investors to take advantage of depressed stock prices to make strategic purchases.”

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Investors traded 297.346 million shares valued at N3.649 billon in 4402 deals against 289.084 million shares valued at N3.545 billion in 3719 deals.

On the price movement chart, 26 stocks recorded price depreciation while 20 constituted the gainers’ chart. Airtel Africa emerged the day’s highest price loser, shedding 10 per cent to close at N753.30 kobo while Okomuoil followed with a loss of 9.44 per cent to close at N105.50 kobo.

Cornerstone insurance declined by 9.09 per cent to close at N0.50 kobo. Learn Africa fell by 8.00 per cent to close at N0.92 kobo. Livestock Feeds sheds 4.74 per cent to close at N1.81 kobo.

The result further showed that Access Bank Plc was the most active stock during the day, exchanging 43.138 million shares valued at N359.541 million, Sterling Bank followed with 33.208 million shares worth N52.131 million.

Zenith Bank Plc traded 25.903 million shares valued at N602.184 million, UACN sold a total of 22.925 million shares worth N216.791 million while Union Home Reits traded 19.013 million shares valued at N695.875 million.

Further analysis of yesterday’s transactions showed that CWG led gainers’ table with 9.73 per cent to close at N1.24 kobo while Berger Paint followed with a gain of 6.72 per cent to close at N7.15 kobo.

Redstarex added 4.19 per cent to close at N3.23 kobo. NEM Insurance appreciated by 3.89 per cent to close at N1.87 kobo. Wapic Insurance increased by 3.64 per cent to close at N0.54 kobo.

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