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Stock market index dips further by 0.08 per cent

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Trading on the Nigerian Exchange Limited (NGX) sustained sliding profile, as most blue-chip stocks suffered price depreciation, causing the All Share Index (ASI) to plunge further by 0.08 per cent.

Specifically, at the close of trading yesterday, market capitalisation of listed equities declined by 0.08 per cent to N19.940 trillion from N19.956 trillion recorded the previous day.

The ASI also depreciated by 30.82 basis points to 38256.76 points from 38287.58 points traded on Monday.

Investors traded 250.204 million shares valued at N1.552 billion in 3534 deals as against 141.146 million shares valued at N1.094 billion that exchanged hands the previous day in 3566 deals.

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Analysts at Afrinvest said: “With CBN retaining all Monetary Policy Rates (MPR) at the just concluded MPC meeting, we expect to see some bargain hunting on fundamentally viable stocks in the next trading session.”

Analysts at Vetiva Dealings and Brokerage said: “After the MPC chose to hold rates constant once again, we foresee a mild uptick in investor sentiment in the coming sessions, on the back of renewed interest in the Nigerian market, thanks to the streamlined FX policy of the CBN and encouraging Q1 GDP results.”

On the price movement chart, C&I Leasing led gainers’ chart with 9.85 per cent to close at N4.46 kobo. Royal Express followed with a gain of 8.82 per cent to close at N0.74 kobo, Chi Plc added 7.27 per cent to close at N0.59 kobo. Neimeth International Pharmaceutical gained 7.02 per cent to close at N1.83 kobo, Initiates Plc gained 6.82 per cent to close at N0.43 kobo.

On the other hand, Lasaco Insurance topped losers’ chart, shedding by 7.14 per cent to N1.43 kobo, while Champion Breweries followed with a loss of 5.66 per cent to N2.00 kobo.

AIICO Insurance dipped by 4.96 per cent to N1.15 kobo. Chams Plc dipped by 4.76 per cent to N0.20 kobo. Mansard Insurance declined by 4.44 per cent to N0.86 kobo.

The result further showed that Courtville Business Solution was the most active stock during the day, exchanging 36.851 million shares valued at N7.472 million.

Zenith Bank followed with 28.188 million shares worth N649.411 million, Jaiz Bank traded 25.851 million shares cost N14.831 million.

Chams PLC traded 16.098 million shares worth N3.220 million, Sterling Bank exchanged 13.676 million shares worth N21.812 million.

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