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Stocks lose momentum as market indices close on negative notes

By The Citizen
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The losses recorded by companies on the Nigerian Stock Exchange on Tuesday erased the gains of the previous day, as market indicators closed lower.

The market capitalisation of the listed equities, which stood at N11.524tn on Monday, fell by 0.3 per cent or N34bn to N11.491tn.

The NSE's All-Share Index, which had closed at 36,337.15 points the previous day, lost 0.3 per cent or 106.32 basis points to 36,230.83 basis points.

The NSE-30 Index also slipped by 0.3 per cent or 4.64 points from 1,696.10 points to 1,691.46 points, while the NSE Banking Index fell by 0.3 per cent from 393.00 points to 391.65 points.

AirĀ  Services and Logistics Plc lost the highest, falling by 9.9 per cent or 38 kobo per share to close at N3.44 per share.

University Press Plc followed on the table, shedding 9.9 per cent or 41 kobo per share to close at N3.74 per share.

Evans Medical Plc fell by 9.8 per cent or 34 kobo to close at N3.13 per share, while IPWA Plc and International Energy Insurance Plc lost 9.2 per cent each to close at 69 kobo and 89 kobo per share in that order.

Red Star Express Plc and Neimeth International Pharmaceutical Company Plc also lost 8.6 per cent and 8.3 per cent each to close at N4 and N1.11 per share, respectively.

The banking sub-sector maintained its lead on the activity chart, accounting for 36 per cent of the total traded turnover.

In the sub-sector, investors exchanged 50.126 million shares, worth N339m in 1,535 transactions.

Turnover in the sub-sector was driven by activities in the shares of Unity Bank Plc, Diamond Bank Plc and Fidelity Bank Plc.

Wapic Insurance Plc led the price gainers' chart, rising by 10 per cent or nine kobo to close at 99 kobo per share.

Jos International Breweries Plc followed, rising by 9.9 per cent or 32 kobo to close at N3.54 per share.

DN Meyer Plc also gained 9.5 per cent or 15 kobo to close at N3.54 per share, while and IHS Plc gained 8.4 per cent or 18 kobo to close at N2.30 per share.

In all, investors exchanged 138.96 million shares, worth N1.852bn in 4,934 transactions.