Market sheds N16bn as Union Bank, Champion Breweries, NEM lead laggards

Investors in Nigeria’s stock market booked an additional N16 billion loss on Wednesday as bearish sentiment persists on the Bourse.

The market decreased by 0.06percent at the close of trading as Union Bank led the league of laggards after its share price decreased from a day-open high of N6.15 to N5.55, losing 60kobo or 9.76 percent.

It was followed by Champion Breweries Plc which decreased from N4 to N3.60, after losing 40kobo or 10 percent. NEM Insurance joined the league of top losers on the Bourse after its share price decreased from N3.80 to N3.42, down by 38kobo or 10 percent, followed by University Press Plc which dropped from N2.58 to N2.35, down 23kobo or 8.91percent.

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The market’s positive returns year-to-date (YtD) decreased further to +20.69percent.

At the close of the trading session on Wednesday, the market’s key performance indicators – the All-Share Index (ASI) and Market Capitalisation decreased further from the preceding trading day’s highs of 51,586.5 points and N27.810 trillion respectively to 51,556.54 points and N27.794trillion.

Transcorp, GTCO, UPDC, UBA and Chams were top five traded stocks on the Nigerian Exchange Limited (NGX). In 3,745 deals, investors exchanged 135,258,629 shares valued at N1.438billion.