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Conoil, Vitafoam others lead market’s N1 billion losses

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Transactions on the Nigerian Stock Exchange (NSE) closed on a downward note yesterday, occasioned by losses in most blue-chip stocks, especially Conoil and Vitafoam, as market capitalisation dipped by N1 billion.

At the close of transactions, Thursday, the All-Share Index (ASI) fell by 1.51 absolute points or 0.01 per cent to close at 24,276.56 points. Similarly, the overall market capitalisation shed N1 billion to close at N12.664 trillion.

The downturn was impacted by losses recorded in large and medium value stocks, including Conoil, Vitafoam Nigeria, International Breweries, Arbico, and Dangote Sugar Refinery.

Capital market analysts noted that equities transactions closed negative to stop the previous positive momentum of two consecutive trading days following sell-pressure on some high capital stocks.

On market outlook, analysts at APT Securities and Funds Limited, said: “We advise value investors to take advantage of the bearish outlook and position for mid to long term, as daily positive change is not foreseen yet since the market fundamentals are negative at this time.”

Also, market breadth was negative, with 10 gainers versus 15 losers. Law Union and Rock Insurance recorded the highest price gain of seven per cent to close at N1.07 per share. Honeywell Flour Mills followed with 6.59 per cent to close at 97 kobo, while Sterling Bank rose 5.83 per cent to close at N1.27, per share.

PZ Cussons Nigeria garnered 3.57 per cent to close at N4.35, and Caverton Offshore Support Group edged up 3.45 per cent to close at N1.80 per share.

On the other hand, Conoil led the losers’ chart by 10 per cent to close at N18.90 per share. Arbico Plc followed with 9.52 per cent to close at N1.17, and Vitafoam Nigeria shed 9.30 per cent to close at N5.07, per share.

International Breweries lost 8.86 per cent to close at N3.60, while Jaiz Bank dropped 7.14 per cent each to close at 52 kobo, per share.
The total volume of trades fell by 17.42 per cent to 192.082 million units, valued at N2.470 billion, exchanged in 3,833 deals.

Transactions in the shares of Fidelity Bank topped the activity chart with 38.065 million shares at N68.549 million. Guaranty Trust Bank followed with 23.579 million shares worth N534.468 million, and Zenith Bank traded 23.080 million shares valued at N385.443 million.

Access Bank traded 11.424 million shares at N73.861 million, while United Bank for Africa (UBA) transacted 10.604 million shares worth N68.104 million.


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