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Nigeria’s stock market decreases further by 0.32%

Stock market of Africa’s largest economy continues its southward movement on Thursday as bearish sentiment persists on the Nigerian Exchange Limited (NGX). Week-to-date (WtD), the market has decreased by 0.21percent while this month it has increased by 2.59percent.

Counters like MRS, Ecobank, CHI and Unity Bank dominated sell-side activities on the Bourse. At the close of trading session on Thursday, the market’s negative close pushed lower the year-to-date (YtD) positive return to +7.05percent.

The NGX All Share Index (ASI) decreased from preceding day’s high of 43,245.02 points to 43,108.77 points while equities market capitalisation decreased from N22.565trillion recorded on Wednesday to N22.494trillion, losing N71billion.

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MRS led the losers’ league after its share price decreased from a high of N15.20 to N13.70, shedding N1.50 or 9.87percent, while Honeywell Flour Mills advanced most, from N3.69 to N4.05, adding 36kobo or 9.76percent.

Other laggards are: ETI which dipped from N8.75 to N8, losing 75kobo or 8.57percent; while CHI Plc decreased from 62kobo to 57kobo, down by 5kobo or 8.06percent.

Honeywell Flour Mills, GTCO, Zenith Bank, Transcorp and Access Bank were most traded stocks on Thursday at the NGX. In 3,905 deals, equity traders exchanged 266,115,101 units valued at N4.216billion.

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