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NSE: Market slide continues as index sheds 1%

By The Citizen
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Market indices fell last week following a significant fall in the prices of 51 equities on the Nigerian Stock Exchange (NSE).

The market capitalisation of the listed equities closed at N12.047tn, representing a fall of one per cent.

The NSE-30 Index depreciated by 1.09 per cent to close at 1,785.90 basis points.

Losses made by companies such as Wema Bank Plc, Neimeth International Pharmaceutical Plc, Wapic Insurance Plc, and Ipwa Plc, among others, helped to drag the indices down.

After three days of trading, the Federal Government had declared a public holiday on Thursday and Friday due to the Eid-el Fitr celebrations, the NSE's All-Share Index shed one per cent or 385.55 basis points to close at 38,038.79, from an opening of 38,424.34.

In terms of performance, Vono Products Plc recorded the highest loss for the week; its shares fell by 39.47 per cent or 45 kobo 69 kobo per share.

Trans-Nationwide Express Plc and IPWA Plc followed on the top price loser's chart, falling by 37.82 per cent and 23.88 per cent to close at 74 kobo and N1.02 per share, respectively.

WAPIC Insurance Plc shed 21.35 or 19 kobo to close at 70 kobo, while Wema Bank Plc and International Breweries Plc recorded a price depreciation of 12 per cent and 10.75 per cent to close at N1.10 and N22 per share, respectively.

Neimeth International Pharmaceuticals Plc fell by15 kobo or 10 per cent to close at 81 kobo per share.

Jos International Breweries Plc, Deap Capital Management and Trust Plc and Thomas Wyatt Nigeria Plc lost nine kobo, 13 kobo and eight kobo to close at 81 kobo, N1.21 and 81 kobo per share in that order.

On the flip side, 35 equities appreciated, led by Courteville Business Solutions Plc, which gained 30.88 per cent or 21 kobo to close 89 kobo.

In all, a total of 1.097 billion shares, valued at N9.104bn were traded by investors in 17,076 deals during the week.