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Local equity market sheds N24bn

Trading activities on the floor of Nigerian Exchange (NGX) sustained a declined profile at the close of trading on Friday, shedding N24 billion.

The market capitalisation of listed equities went down by 0.04 per cent to N56.580 trillion from N56.604 trillion reported the previous day.

The NGX All Share Index also depreciated by 41.29 basis points to 100,022.03 points from 100,063.32 points traded the previous day.

The market’s negative performance was primarily driven by selling pressure in stocks like Caverton Business Solutions, Julius Berger, Eterna Plc and others

An analysis of the investment showed that Conoil led gainers table during the day, appreciating by 10 per cent to close at N126.50 per share, Oando Plc followed with a gain of 9.68 per cent to close at N17.00, Varitas Kapital added 9.52 per cent to close at N1.15 per unit, Daar Communications gained 9.09 per cent to close at N0.48 per share, UPL increased by 9.05 per cent to close at N2.29 per share.

On the contrary, UPDC REIT topped losers chart, dropping by 10 per cent to close at N4.50 per unit, Julius Berger trailed with a loss of 9.59 per cent to close at N88.60 per unit, Ikeja Hotel fell by 9.15 per cent to close at N6.95 per unit, ABC Transport dipped by 8.57 per cent to close at N0.64 per share while Linkage Assurance down by 7.89 per cent to close at N1.05 per share.

The volume of trades also declined by 450.920 million, representing 52.22 per cent as investors traded 412.663 million shares valued at N6.022 billion in 8551 deals against 863.583 million shares worth N12.561 billion exchanged hands the previous day in 7931 deals.

Transactions on the shares of Oando Plc led market activities with 53.828 million shares valued at N901.105 million, AIICO Insurance followed with account of 30.838 million shares worth N34.294 million, Varitas Kapital traded 26.583 million shares valued at N30.415 million, Chams exchanged 23.185 million shares cost N52.156 million while AccessCorp traded 22.685 million shares valued at N448.010 million.

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