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Nigeria’s equities shed N159bn as profit taking continues

Nigeria’s equities shed N159bn as profit taking continues

Nigeria’s equities market continued its negative trend on Thursday July 29, dipping further by 0.79 percent at the close of trading session.

The sell off continued on the Lagos Bourse amid major corporate releases that should have spurred market activity to a positive close.

Profit takers who returned to Custom Street, Lagos besieged counters like Oando Plc, UACN Plc and UPDC Plc following recent gains.

Investors had raised remarkable bet on Oando Plc stocks after its settlement of rift with SEC – Nigeria’s apex capital market regulator.

Read also: Explainer: The $5.7bn money changers market in Nigeria

The stock price of the oil and gas company dropped from preceding day high of N5.26 to N4.75, down by 51kobo or 9.70percent.

It was followed by UACN Plc which dropped from N11.20 to N10.20, losing N1 or 8.93percent.

At the close of trading on Thursday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased further from 38,791.03 points and N20.210trillion respectively to 38,484.82 points and N20.051trillion, indicating value loss of about N159billion.

The market’s record negative return year to date (YtD) printed higher at -4.43 percent on Thursday.

Oando, GTCo, Jaiz Bank, Fidelity Bank and Wema Bank were most traded stocks on the Nigerian Exchange Limited on Thursday.

In 4,975 deals, investors exchanged 259,968,145 units valued at N1.982billion.