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Wednesday, 29 November 2023 07:40

Nigerian exchange down by N165b over selling rallies

Losing about N165 billion today, the equities investors in the Nigerian Exchange saw their combined wealth falling for the second day in the week due to weak sentiment. Again, the market performance indicators dropped by 0.44%, resulting in a moderation in the year-to-date return of the Exchange.

The market’s negative performance was due to profit-taking in some recently appreciated stocks, Atlass Portfolios Limited said in its update. MarketForces Africa reported that during the intraday sessions, banking stocks and the latest debutant, MeCure Industries Plc drove a midday rally.

This was later reversed, causing a year-to-date return to a moderate to 38.61%. Stockbrokers at Atlass Portfolios Limited said in two days of losing streaks, equities investors’ wealth has declined by approximately ₦297 billion.

The market index or the Nigerian Exchange All-Share Index decreased by 312.76 basis points today, representing a decline of -0.44% to close at 71,041.05 points. Due to the bearish trading pattern, stock market activities inched downward. Total volume and total value traded dipped by -28.40% and -5.48%.

Stockbrokers said in the daily market updates that approximately 534.62 million units valued at ₦5,619.50 million were transacted in 8,136 deals.

ACCESSCORP was the most traded stock in terms of volume, accounting for 10.76% of the total volume of trades. The largest commercial financial institution in Nigeria was followed by TRANSCORP (9.56%), UBA (7.47%), UNITYBNK (6.42%), and VERITASKAP (5.90%) to complete the top 5 on the volume chart.

[NaijaTimes]

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