Bears return as stock market sheds N48bn

Transactions on the floor of Nigerian Stock Exchange (NSE) yesterday returned to bearish trend, declining by N48 billion.

Specifically, market capitalisation of listed declined by 0.37 per cent to N12.830 trillion from N12.878 trillion reported the previous day.

The NSE All Share Index also depreciated by 99.78 basis points to 26357.61 points from 26456.39 reported the previous day.

Investors traded 610.575 million shares worth N11.104 billion in 5031 deals against 378.346 million shares worth N7.150 billion exchanged hands the previous day in 4798 deals.

Capital market operators said that the increase buying momentum witnessed in the market showed that investors are taking advantage of low prices in the market to take position ahead of the end of the financial result.

An analysis of the investment showed that Guinness Nigeria Plc led gainers table during the day, gaining N0.40 kobo to close at N23.70 kobo, Zenith Bank Plc followed with a gain of N0.40 kobo to close at N17.80 kobo, Access Bank added N0.30 kobo to close at N9.85 kobo, Vitafoam Nigeria Plc appreciated by N0.10 kobo to close at N3.65 kobo while FBNHoldings increased by N0.10 kobo to close at N5.70 kobo.

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