Nigerian stock market loses N265bn on banks’ unimpressive Q3 results

Nigerian stock market loses N265bn on banks’ unimpressive Q3 results

<p class="">The Nigerian Stock Exchange market indicators on Friday dropped further by 1.46 per cent due to unimpressive third quarter results released by some banks.</p>

<h1>The All-Share Index lost 506.83 points or 1.46 per cent to close at 34,136.82 compared with 34,643.65 recorded on Thursday.</h1>

<p class="">Also, the market capitalisation dipped N265 billion or 1.46 per cent to close at N17.837 trillion against N18.102 trillion achieved on Thursday.</p>

<p class=""><strong>Mr Ambrose Omordion</strong>, the Chief Operating Officer, InvestData Ltd., attributed the emergence of the bears to third quarter below expectation results released by some banks.</p>

<p class="">Omordion said that the development triggered profit taking in spite of positive economic news of an expansion in the nation’s industrial output as shown by the Purchasing Managers Index.</p>

<p class="">BUA Cement topped the losers’ chart with a loss of N2.55 to close at N53.45.</p>

<p class="">MTN Nigeria Communications trailed with N2 to close at N153, while Dangote Cement dipped N1.80 to close at N193 per share.</p>

<p class="">Dangote Sugar lost 70k to close at N24.50 per share.</p>

<p class="">On the other hand, UPDC Reits led the gainers’ table, gaining 35k to close at N4.15 per share.</p>

<p class="">NEM Insurance followed with 23k to close at N2.58, while NAHCO garnered 12k to close at N2.30 per share.</p>

<p class="">Ikeja Hotel added 10k to close at N1.10, while AIICO gained 9k to close at N1.01 per share.</p>

<p class="">An analysis of the activity chart shows that Zenith Bank was the most active stock, trading 44.33 million shares valued at N1.14 billion.</p>

<p class="">United Bank for Africa accounted for 41.23 million shares worth N337.79 million, FBN Holdings traded 34.33 million shares valued at N255.34 million.</p>

<p class="">Access Bank traded 29.29 million shares worth N256.27 million, while Transcorp exchanged 28.77 million shares valued at N29.14 million.</p>

<p class="">In all, investors bought and sold 344.90 million shares valued at N4.22 billion in 6,565 deals.</p>

<p class="">This was against a total of 364.92 million shares worth N3.50 billion exchanged in 6,340 deals on Thursday. </p>

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