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Zenith, MTN lead losses as stock market sheds N71bn

The Nigerian stock market dropped by N71bn on Monday as the companies on the premium board suffered losses amid profit-taking in Zenith Bank Plc and MTN Nigeria Communications Plc.

At the end of trading on the floor of the NGX on Monday, the Nigerian Exchange Limited All-Share Index dropped by 0.36 per cent to close at 37,857.89 basis points from 37,994.19 basis points on Friday.

The market capitalisation fell from N19.80tn on Friday to N19.72tn on Monday.

The NGX Premium Index declined by 0.51 per cent, which analysts at Cordros Securities attributed to profit-taking in Zenith Bank and MTN Nigeria, as both companies recorded losses of 2.20 per cent and 0.61 per cent respectively.

FBN Holdings Plc and Lafarge Cement Plc also saw losses of 2.60 per cent and 1.51 per cent respectively, further dragging the index’s value lower.

A total of 187.24 million shares valued at N2.89bn were traded by investors in 4,017 deals on Monday, a decrease of 22.60 per cent in volume when compared to 241.89 million shares valued at N2.71bn transacted in 3,819 deals on Friday.

Sixteen companies recorded gains in their stock prices at the end of trading on the floor of the NGX.

Tripple Gee and Company Plc led the gainers with a 9.89 per cent increase to close at N1.00 per share. Regency Alliance Insurance Plc followed with an 8.89 per cent gain, closing the day at N0.77 per share.

The other top-five gainers were UACN Property Development Company (7.44 per cent), FTN Cocoa Processors Plc (5.88 per cent), and Mutual Benefits Assurance Plc (5.00 per cent).

There were 13 losers at the end of trading, with CWG Plc recording the biggest loss of 9.52 per cent to close at N1.00 per share.

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