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CWG, International Brewery, others lead stock market’s N71b loss

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[FILES] Nigerian Exchange Group (NGX). Photo/facebook/ngxgroup

Following losses suffered by most blue-chip stocks, especially CWG, International Breweries and Champion Breweries, the nation’s equities market reopened on a negative note yesterday, causing market capitalisation to plunge by N71 billion.

Yesterday, the All-Share Index (ASI) declined by 136.30 absolute points, representing a loss of 0.36 per cent to close at 37,857.89 points. Similarly, the overall market capitalisation value shed N71 billion to close at N19.725 trillion.

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The market downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; MTN Nigeria Communications (MTNN), Zenith Bank, BUA Cement, International Breweries and Lafarge Africa.

Analysts at United Capital Plc said: “This week, we expect some profit-taking inequities that rallied in the previous week. However, we expect general market sentiment to be positive.”

Vetiva Dealing and Brokerage said: “We foresee mixed activity level in tomorrow’s session as investors continue to cherry-pick attractive stocks and sell down previous gainers while anticipating earnings release.”

However, market sentiment was positive, as 16 stocks gained, while 13 others depreciated in price.

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On the price movement chart, CWG Plc led the losers’ chart by 9.52 per cent to close at N1.14 kobo while International Breweries followed with a decline of 5.66 per cent to close at N5.00, while Champion Breweries lost 3.23 per cent to close at N2.10 kobo.

Tripple GEE and Company emerged as the day’s highest price gainer with 9.89 per cent to close at N1.00 kobo. Regency Alliance Insurance followed with a gain of 8.89 per cent to close at 49 kobo while UPDC Real Estate Investment Trust appreciated by 7.44 per cent to close at N1.30 kobo.

FTN Cocoa Processors rose by 5.88 per cent to close at 36 kobo, while Mutual Benefits Assurance gained five per cent to close at 42 kobo.

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FBN Holdings lost 2.60 per cent to close at N7.50, while AXA Mansard Insurance shed 2.25 per cent to close at 87 kobo, per share.

The total volume of trades declined by 22.6 per cent to 187.244 million units, valued at NGN2.890 billion, and exchanged in 4,017 deals. Transactions in the shares of Zenith Bank topped the activity chart with 35.319 million shares valued at N870.866 million.

Sovereign Trust Insurance followed with 14.155 million shares worth N3.946 million, while United Bank for Africa traded 14.110 million shares valued at N106.098 million.

Mutual Benefits Assurance traded 13.544 million shares valued at N5.566 million, while Transnational Corporation of Nigeria (Transcorp) transacted 11.466 million shares worth N10.420 million.

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