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Market Digest Nigeria

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Bears persist as stock market records N123bn loss

Nigeria’s equities market kick-started trading for the week on a negative note on Monday, as the Nigerian Stock Exchange All-Share Index declined by 0.90 per cent as against an appreciation of 0.19 per cent recorded in the previous session.

The stock market year-to-date (YTD) thus reduced to 35.14 per cent, as ASI settled at 36,317.31 points while market capitalisation dropped N123.5bn to close at N12.518trn. The price movement chart showed Total led 9 gainers as against 30 losers topped by Transnational Express at the end of the day’s session. Market turnover also closed negative, as volume traded which stood at 348.1million shares declined by 17.60 per cent, as against a growth of 77.38 per cent recorded in the previous trading session, while value traded by investors in 3,276 deals stood at N2.977bn. Boosting market turnover was Custodian and Allied Plc, which emerged the most traded stock, exchanging 190.6 million units at N647.9m. It was followed by Oando, which traded 27.3 million units worth N185m, and Access Bank, which transacted 15 million shares valued at N151.5m.

Fidelity Bank also sold 13.4 million shares valued at N18 million, while Sterling Bank traded 10.8 million shares worth N10.9m. An analysis of the price movement chart showed Transnationwide Express and Mobil declined by five per cent each to close at 76 kobo and N182.93 res respectively. Conoil fell by 4.71 per cent to settle at N27.70 per share, Champion Breweries dropped 4.49 per cent to close at N2.34, while Livestock Feeds lose 4.26 per cent to close at 90 kobo per share The top five gainers for the day were led by Total Plc, which expanded by 9.09 per cent to settle at N236.50 per share. It was trailed by Air Service, which grew by 4.99 per cent to close at N5.68 per share; and Cutix added 4.98 per cent to close at N2.11 per share. Vitafoam also gained 4.49 per cent to close at N2.79 per share, while Continental Re-Insurance advanced by 3.88 per cent to close the day at N1.34 per share.

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Meanwhile, the NSE has issued a notification to dealing members on a proposed rights issue of N500m for Consolidated Hallmark Insurance Plc The brief notice signed by the Acting Head, Listings Regulation Department of the NSE, Godstime Iwenekhai, noted that the application has been filed by the firm’s stockbroker; Planet Capital Limited, to The Nigerian Stock Exchange (NSE) seeking for approval and listing of a Rights Issue of 1,000,000,000 Ordinary Shares of 50 Kobo each at 50 Kobo per share on the basis of one (1) new Ordinary Shares for every six (6) Ordinary Shares of 50 Kobo held.

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