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Nigeria’s stock market down as 14 companies report loses

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On Monday, the stock market ended on a down note, with 14 businesses’ share values falling at the end of trading on the Nigerian Exchange Limited.

The NGX All-Share Index slid 0.44 percent to 39,306.47 basis points, with a market capitalization of N20.49 trillion, down from N20.58 trillion on Friday.

On Monday, the NGX floor saw 357.69 million shares worth N3.56 billion exchanged in 4,394 transactions.

The share price of Nigerian Enamelware Plc, which led the losers’ table, fell 9.8% to N17.95.

Africa Prudential Plc, NPF Microfinance Bank, Wema Bank Plc, and AXA Mansard Insurance Plc were among the biggest losers.

On Monday, twenty-five stocks rose, headed by the 16.29 percent FGN MAR 2027 and the 12.40 percent FGN MAR 2036. Eterna Plc, Royal Exchange Plc, and Capital Hotel Plc were among the top gainers.

Analysts at Cordros Capital Limited stated that trading on the local exchange began the week on a pessimistic note, citing investor sell-offs of MTN Nigeria (-1.1%) and BUA Cement (-1.2%) as the catalysts.

“As a result, month-to-date and year-to-date losses grew to -1.3 percent and -2.4 percent, respectively,” they added.

“Performance was essentially negative across sectors, with losses in the industrial goods (-0.7%), banking (-0.6%), insurance (-0.3%), and consumer goods (-0.1%) indices leading the way. The only gainer of the day was the oil and gas index (+0.21%).”

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