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    Bear in Banking Sector Sustains Equity Market Negative Trend

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    Naija247news Editorial Teamhttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    The Nigeria Local Bourse sustained the previous day’s bearish sentiment by a 0.08 percent decline, following a sell-off in the banking sector.

    As a result, the All-Share Index dipped 32.57 bps, representing a 0.08 percent decrease to close at 38,873.85. While the Market Capitalization lost ₦16.97bn, representing a decline of 0.08 percent to close at ₦20.25 trillion.

    → Similarly, the market activities traded bearishly, as both the total volume and value traded shed 3.23 percent and 0.42 percent, respectively.

    A total of 184.44 million units of shares valued at ₦2.34 billion were traded in 3,809 deals.

    UBA led the traded stocks in terms of volume, accounting for 21.14 percent of the total volume of trades, followed by GTCO (10.32%), ZENITHBANK (7.70%), UCAP (6.99%), and ACCESS (5.47%) to complete the top five on the volume chart.

    While, GTCO emerged as the most traded stock in value terms, with 22.10 percent of the total value of trades on the exchange.

    → MRS led the advancers table with price appreciation of 9.75 percent, trailed closely by ETI (2.94%), STANBIC (2.63%), ETERNA (2.30%), VITAFOAM (2.00%), WAPCO (1.36%), UBA (0.66%), and 9 others.

    In contrast, NEIMETH topped the decliners chart as its share price declined by 7.89 percent to close at ₦1.75, as WEMABANK (-3.80%), ZENITHBANK (-2.34%), ACCESS (-1.11%), GTCO (-0.73%) and FLOURMILL (-0.34%) amongst others also declined in price. In conclusion, the market breadth closed negatively, recording 16 gainers and 13 losers.

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