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Investors lose N38bn as fairness market dips

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The fairness market has sustained its bearish development as buyers misplaced N38.24bn on Tuesday.

The market capitalisation and the all-share index dropped by 0.1 per cent to shut at N56.03tn and 99,051.02 foundation factors respectively.

Bearish exercise dominated the day’s commerce, with the alternate recording extra decliners (22) than gainers (17).

Leading the gainer’s chart on the shut of buying and selling are Nigerian breweries with an appreciation of 10.00 per cent to shut at N28.60, Presco plc with 9.99 per cent to shut at N293.90 and Oando Plc which gained 9.65per cent to shut at N14.20.

Among the notable decliners are Tantalizer Plc which shed 10.00 per cent to shut at N 0.45, International Energy Insurance Plc misplaced 9.71 per cent to shut at N1.58 and UPDC leverages dipped by 9.70 per cent to shut at N1.21.

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Trade metrics, which confirmed a 19.45 per cent and 38.92 per cent decline in quantity and worth traded to 349.59 million items and N5.24bn, respectively, mirrored the detrimental state of the market.

With 36.04 per cent of all offers, GTCO was essentially the most traded inventory by worth. On the native alternate, Veritas Kapital Assurance Plc had the very best buying and selling quantity with 57.95 million items or 16.58 per cent of all trades.

Yesterday, the native inventory market commenced its first session of the week on a bearish word, evidenced by the 18bps decline within the benchmark All-Share Index to settle at 99,118.86 factors. At the identical time, the year-to-date return concluded at 32.56 per cent.

Furthermore, the market capitalization misplaced N0.1tn to shut at N56.08tn. This detrimental efficiency was pushed by promote pressures within the banks, significantly Access Holdings Plc, United Bank for Bank, Fidelity Bank and First Bank Holdings.

Despite the bearish tilt of the market, 23 advancers outperformed 19 decliners.



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