NAN-HE-20
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By Chinyere Joel-Nwokeoma
Lagos, March 2, 2017 (NAN) Free fall of equities persisted on the Nigerian Stock Exchange on Thursday with the market indices shedding 1.40 per cent due to huge loses posted by some blue chips.
The News Agency of Nigeria (NAN ) reports that the All-Share Index for the first time in the year dropped to 24,000 mark, losing 353.51 points or 1.40 per cent to close at 24,829.59 against 25,183.10 posted on Wednesday.
In the same vein, the market capitalisation which opened at N8.715 trillion lost N122 billion or 1.40 per cent to close at N8. 593 trillion.
Market analysts attributed the persistent downward trend in the market to low liquidity and economic recession.
They said that investors were offloading their equities to attend to their basic needs, while others were redirecting their investment to fixed income securities with higher returns.
Dangote Cement recorded the highest loss to lead the losers’ chart, shedding N8.44 to close at N180.55 per share.
Flour Mills trailed with a loss of 39k to close at N17.21 and Dangote Sugar declined by 30k to close at N5.71 per share.
Africa Prudential Registrar lost 14k to close at N2.72 and Zenith international Bank dropped by 10k to close at N13.90 per share.
Conversely, Forte Oil led the gainers’ table growing by N2.35 to close at N49.36 per share.
Nigerian Breweries followed with a gain of N2.18 to close at N129 and Okomu Oil Palm gained N2 to close at N48 per share.
Guinness Nigeria appreciated by N1.39 to close at N63.50, while Guaranty Trust Bank improved by 19k to close at N24.90 per share.
Zenith Bank remained the toast of investors, exchanging 33.74 million shares worth N469.66 million.
It was followed by UBA with an account of 32.74 million shares valued at N163.67 million and United Capital sold 22.56 million shares worth N77.84 million.
Oando accounted for 16.92 million shares valued at N84.34 million, while Access Bank traded 13.15 million shares worth N88.62 million.
In all, investors staked N1.77 billion on 186 million shares achieved in 2,899 deals against 228.02 million shares valued at N2.39 billion in 2,958 deals on Wednesday. (NAN)
JNC/ MO
=======Edited by Morayo Omolade