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Trading in Nigerian bourse ends week on low note

Trading experienced a downturn at the close of the past week on the floor of the Nigerian Stock Exchange (NSE), with a turnover of 4.05 billion shares valued at 43.75 billion naira in 73,782 deals, compared with 3.4 billion shares worth 40.83 billion naira exchanged in 71,899 deals by investors in the preceding week.

The insurance sub-sector was the most active during the week, with 2 billion shares worth 2.42 billion naira exchanged by investors in 10,713 deals.

Volume in the sub-sector was largely driven by activity in the shares of Investment and Allied Assurance Plc.

Trading in the shares of the insurance company accounted for 1.51 billion shares, representing 76% of the sub-sector’s turnover.

The Banking sub-sector, boosted by activity in the shares of Intercontinental Bank Plc, First City Monument Bank Plc and First Bank of Nigeria Plc, followed on the week’s activity chart with a turnover of 1.44 billion shares valued at 31.26 billion naira in 38,426 deals.

Last week, the insurance sub-sector led on the activity chart and was followed by the banking sub-sector.

The All-Share Index dropped by 3.57% to close at 50,422.78, while the market capitalisation of the 209 First-Tier equities closed lower at 10.10 trillion naira.

Nineteen stocks appreciated in price, higher than the 18 of last week.

Construction giant Julius Berger Nigeria Plc led on the gainers’ table with a gain of 5.73 naira to close at 120.33 naira per share, while Ecobank Transnational Incorporated followed with 2.53 naira to close at 40.13 naira per share.

Other price gainers included Ikeja Hotel Plc, Nestle Nigeria Plc, May & Baker Nigeria Plc , Ferdinand Oil Mills Plc, RT Briscoe (Nig) Plc, FTN Cocoa Processors Plc, First City Monument Bank Plc and Roads Nigeria Plc.

On the other hand, 92 stocks depreciated in price during the week, higher than the 91 of previous week.

Chevron Oil Nigeria Plc led on the price losers’ table, dropping 75.92 naira to close at 259.81 naira per share, while Mobil Oil Nigeria Plc followed with a loss of 31.04 naira to close at 220.20 naira per share.

Other price losers included Flour Mills Nigeria Plc, Oando Plc .Conoil Plc, Lafarge WAPCO Plc, PZ Cussons Nigeria Plc, The Okomu Oil Palm Plc and Costain (WA) Plc.

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