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Equities market extends losing streak, sheds N113.49bn

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BY TEMITOPE ADEBAYO

For the fourth consecutive session, the Nigerian equities market maintained its downward trajectory as investors’ wealth declined further by N113.49 billion.

Specifically, the market benchmark All-Share Index ((ASI) closed 0.20 per cent lower at 99,805.95 points, while the market capitalization decreased by N113.49 billion, closing at N56.46 trillion.

However, statistics from the NGX showed that the decline was primarily driven by selloffs in key blue-chip stocks, including GTCO (-4.21 per cent), ZENITHBANK (-0.40 per cent), and FBNH (-1.75 per cent).

These losses overshadowed gains seen in WAPCO (+0.97 per cent) and DANGSUGAR (+1.74 per cent).

As a result, the Year-To-Date (YTD) return dropped to 33.48 per cent, and Today’s market activities showed a significant increase in trade turnover, with transaction values rising by 653.03 per cent compared to the previous session.

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A total of 422.69 million shares valued at N53.96 billion were exchanged in 8,256 deals. TRANSPOWER (+0.00 per cent) led the volume and value charts with 118.63 million units traded in deals worth N48.99 billion.

Despite the overall market decline, market breadth closed positive with a 1.08-to-1 ratio of advancing to declining issues. CHAMPION (+9.97 per cent) led twenty-five other gainers, while AFRIPRUD (-10.00 per cent) headed a list of twenty-three decliners.

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