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23 companies record losses as the Nigerian Stock Exchange market experience further decline



The Nigerian stock market closed lower on Tuesday as 23 companies record price depreciation at the end of trading.

The market breadth closed negative as 23 losers arose with only nine companies recording their share price increase.

The stock exchange market all share index dropped by 3.86 basis points or 0.02% to close at 24,750.06obps from 24,753.82bps on Monday.

As market sentiment remained in negative area, the market capitalisation of equities dropped by N2n to N12.91 trillion.

On Tuesday, a turnover of 167.95 million shares was traded by investors in deals worth 3,784.

The subsector that was active the most was the premium subsector with turnover worth 39.62 million shares traded by investors in 1,178 deals

The shares by the United Bank for Africa PLC and First Bank Nigeria Holdings Plc largely drove the volume in the subsector.

The activities in the banking subsector was increased by shares of Guaranty Trust Bank PLC and Fidelity Bank PLC with a turnover of 28.10 million shares in 623 deals.

The gainers chart was topped by UACN Property Development Company PLC with a gain of 7.69% to close at 98 kobo per share.

Oando PLC recorded 2.04% to close at N2.50 kobo per share while Unity Bank PLC led the losers chart with a 10% drop to close at 54 kobo. Ikeja hotel share depreciated by 9.57% to close at N1.04 per share.

Transnational Corporation of Nigeria Plc saw a ruse by 2.86% to close at 72 kobo per share.

Adam Abubakar is a renowned writer and poet. He Specializes in Writing Political News. He worked for five years as a writer and editor at the national news magazine.

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