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Stock market opens week in red

…investors book N51bn loss

Nigeria’s equities investors lost about N51billion at the close of trading session on Monday September 27 as sell-side activities continues to increase on the Bourse.

The record 0.25percent decline on Monday by the market’s benchmark performance indicator –the All Share Index (ASI) –reflected on the widened negative return recorded this year which printed higher at -3.49percent.

In 3,539 deals investors exchanged 139,453,012 units valued at N1.712billion. At the close of trading, stocks like Fidelity Bank Plc, GTCO Plc, Sovereign Trust Insurance Plc and Transnational Corporation Plc were most traded on the Nigerian Exchange Limited (NGX).

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“Looking ahead, we expect the market to remain in a lull, with occasional bargain hunting until 9 month-2021 results are released,” Lagos-based United Capital analysts had said in their September 27 note to equity buyers.

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AXA Mansard Insurance plc stock price led the losers’ league after its share price moved from N3.32 to N2.99, down by 33kobo or 9.94percent, while University Press Plc advanced most, from N1.02 to N1.12, up 10kobo or 9.80percent.

Chams Plc also dipped from 23kobo to 22kobo, down by 1kobo or 4.35percent. Sovereign Insurance stock also dropped from 25kobo to 24kobo, down 1kobo or 4percent. Mutual Benefit was also down from 30kobo to 29kobo, shedding 1kobo or 3.33percent. BUA Cement dropped from N68 to N66, shedding N2 or 2.94percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation depreciated from week-open highs of 38,962.28 points and N20.299trillion to 38,864.33 points and N20.248trillion.

“We anticipate a moderate start to begin the new trading week barring any significant cross trades, as investors continue to bargain hunt across sectors,” Vetiva Research analysts also said in their recent note.

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