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Nigerian Exchange loses N10 billion on sell pressure

Trading activities on the floor of the Nigerian Exchange Limited (NGX) closed on a negative note Wednesday, August 17 to upturn the previous day’s gain following losses recorded by blue chip firms. 

However, the stock market recorded 10 gainers including Prestige Assurance Plc against 16 losers led by Courtiville Business Solutions Plc to close the market breadth negative. 

Consequently, the All-Share Index depreciated by 18.29 basis points or 0.04% to close at 49,691.17 index points as against 49,709.46 recorded the previous trading session. This is as market capitalisation of equities dropped by N10 billion from N26.811 trillion the previous day to N26.801 trillion as market sentiment returned to negative territory. 

Meanwhile, a turnover of 128.78 million shares exchanged in 3,492 deals was recorded in the day’s trading. 

The premium sub-sector was the most active (measured by turnover volume); with 63.045 million shares exchanged by investors in 1,145 deals. Volumes in the sub-sector was largely driven by activities in the shares of Zenith Bank Plc and FBNH Plc. 

Also, the insurance sub-sector was boosted by activities in the shares of Cornerstone Plc and Regency Alliance Insurance Plc followed by a turnover of 19.53 million shares in 192 deals. 

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