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Heightened political tension weakens market indices by 0.53%

Heightened political tension weakens market indices by 0.53%

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Chinwendu Obienyi

Sharp division in the upper legislative chamber  over the suspension of the Chief Justice of Nigeria (CJN), Justice Walter Onnoghen as well as price depreciation in highly capitalised stocks, yesterday induced further losses at the Nigerian Stock Exchange  leaving its capitalisation with 0.53 per cent drop to settle at 31,178.71 points.

Consequently at the sound of the closing gong yesterday, market capitalisation fell by N61.7 billion to close at N11.626 trillion from N11.688 trillion, while Year-to-Date (YtD) weakend at -0.8 per cent.

The Banking Index for instance lost the most, as it fell 3.7 per cent on account of selloffs in Access Bank (-4.72 per cent). This was trailed by the Consumer Goods and Insurance indices which were down 0.6 and 0.2 per cent respectively, due to losses in Nigerian Breweries (-2.38 per cent) and Linkage Assurance (-9.68 per cent).

Similarly, the Oil & Gas index posted a decline of 0.1 per cent dragged by losses in Oando (-0.98 per cent), while the Industrial Goods index (0.0 per cent) was flat for the day.

Traders say that they expect further profit taking in market bellwethers in subsequent sessions.

Meanwhile, activity level improved as total volume and value of stocks traded increased 61.6 and 3.7 per cent to 359.51 million units and N1.91 billion respectively, exchanged in 3,773 deals.

Market breadth remained negative as 31 equities depreciated in value while 14 others appreciated. Academy topped the losers’ chart with 10 per cent to close at 0.45 kobo per share, Neimeth followed with 10 per cent to close at 0.63 kobo, Linkage Assurance fell by 9.68 per cent to close at 0.56 kobo, Ikeja Hotel decreased by 9.52 per cent to close at N1.52, while Veritaskap lost 8.33 per cent to close at 0.22 kobo.

On the flipside, Redstarex topped the gainers’ chart with 10 per cent to close at N5.50 per share. UAC-Prop was next with 9.55 per cent to close at N1.72, Wapic rose by 7.69 per cent to close at 0.42 kobo, PZ increased by 7.52 per cent to close at N12.15 while ABC Transport garnered 6.90 per cent to close at 0.31 kobo.

Chip Plc was top on the volume chart with the sale of 100.41 million shares worth N31.11 million, UBA sold 48.84 million shares worth N354.74 million while Sterling transacted 30.15 million shares valued at N66.155 million.

The post Heightened political tension weakens market indices by 0.53% appeared first on The Sun Nigeria.

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