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Investors lose N2 billion as stock market reopens December bearish

By Helen Oji
02 December 2022   |   3:01 am
The Nigerian Exchange Limited (NGX) yesterday, reopened the month of December on a bearish note, occasioned by losses in MTN Nigeria and 10 stocks, causing market capitalisation to decline by N2 billion.

NGX Group building

The Nigerian Exchange Limited (NGX) yesterday, reopened the month of December on a bearish note, occasioned by losses in MTN Nigeria and 10 stocks, causing market capitalisation to decline by N2 billion.

The All Share Index (ASI) decreased by 3.40 absolute points, representing a dip of 0.01 per cent to close at 47,656.64 points. Similarly, the market capitalisation lost N2 billion to close at N25.957 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria Communications (MTNN), Nigerian Exchange Group (NGXGroup), Honeywell Flour Mills, Wema Bank and FCMB Group.

Vetiva Dealings and Brokerage said: “We expect mixed sectoral performance tomorrow amid cherry-picking activities, especially in the banking sector.”

Meanwhile, market breadth closed positive, with 13 gainers versus 11 losers. UPDC Real Estate Investment Trust recorded the highest price gain of 9.09 per cent to close at N3.00, per share. McNichols Plc followed with a gain of 8.93 per cent to close at 61 kobo, while Japaul Gold & Ventures rose 7.41 per cent to close at 29 kobo, per share.

Nigerian Breweries went up by 7.14 per cent to close at N45.00, while Royal Exchange appreciated by 4.76 per cent to close at 66 kobo, per share. United Bank for Africa (UBA) gained 4.14 per cent to close at N7.55 kobo. Zenith Bank appreciated by 3.88 per cent to close at N 22.75 kobo. Jaiz Bank added 2.30 per cent to close at 89 kobo. Access Cor­p garnered 1.76 per cent to close at N 8.65 kobo. GTCO appreciated by 1.50 per cent to close at N20.30 kobo. United Capital gained 1.12 per cent to close at N 12.50 kobo.

On the other hand, Honeywell Flour Mills led the losers’ chart by 7.89 per cent to close at N2.10, per share, per share. RT Briscoe Nigeria followed with a decline of 7.41 per cent each to close at 25 kobo, while Wema Bank lost 5.45 per cent to close at N3.12, per share.
FCMB Group lost 4.18 per cent to close at N3.21, while Cutix shed 2.84 per cent to close at N2.05, per share.

The total volume traded rose by 61.6 per cent to 172.895 million units, valued at N2.843 billion, and exchanged in 3,073 deals. Transactions in the shares of FCMB Group topped the activity chart with 49.802 million shares valued at N172.790 million. Courteville Business Solutions followed with 16.865 million shares worth N8.432 million, while Access Holdings traded 11.962 million shares valued at N103 million.

United Bank for Africa (UBA) traded 10.768 million shares valued at N79.370 million, while Zenith Bank transacted 9.786 million shares worth N221.417 million.

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