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Stock Market Capitalization Sheds N8.8bn As Sell-Off Pressure Rocks Zenith, Fidelity

Ololade Omosan-Agie

Sell-off pressure on the Nigeria Exchange Group has erased N8.8bn from market capitalization on Monday.

Major stocks like Flour Mills Nigeria, Fidelity Bank, Lafarge WAPCO and Zenith Bank shed 4.8 per cent, 4.8 per cent, 1.4 per cent and 0.6 per cent of their stocks.

The All-Share index fell to 39,505.40 from 39,522.34 points, while market capitalization plunged to N20.583tn.

Data obtained from the NGX revealed that trading activity declined as volume traded fell 25.1 per cent to 141.3 million, while the value dropped 49.2 per cent to N1.6bn.

By volume, eTranzact Global Limited, Fidelity and Transcorp led with 16.2 million units, 10.4 million units and 9.8 million units respectively.

Most traded stocks by value were NESTLE Nigeria which pulled N492.0m, MTN Nigeria and Zenith Bank which traded N296.1m and N130.5m respectively.

Banking Stocks were the most affected by the sell-offs leading to a decline of 0.6 per cent.

The Oil & Gas and Industrial Goods indices also plunged by 27bps and 9bps respectively, due to price depreciation in TOTAL Nigeria by -2.0 per cent, CAP PLC (-3.5 per cent), and WAPCO (-1.4 per cent).

Despite the bearish trend, the Insurance and Consumer Goods indices were up 4bps and 2bps respectively.

The gains in the insurance index was driven by the buying interest in Mutual Benefits Assurance (8.8 per cent).

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