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International Breweries, Others Drag NSE Index Down by 0.48%

By Dipo Olowookere

The Nigerian Stock Exchange (NSE) finished lower on Thursday following losses recorded by International Breweries, Dangote Cement and other big stocks.

Specifically, the benchmark index depreciated by 0.48 percent or 198.21 points to close at 41,107.81 points, while the market capitalisation went down by N71.8 billion to settle at N14.891 trillion.

The market breadth ended yesterday negative with 25 stocks appreciating in price against the 26 equities that recorded price depreciation.

This was led by International Breweries, which lost N4.30k of its share value to settle at N47.50k per share.

It was followed by Dangote Cement, which depreciated by N2.70k to close at N245.20k per share, and Unilever Nigeria, which went down by N2.40k to end at N52.50k per share.

Forte Oil declined by N2.20k on Thursday to finish at N43 per share, while Nigerian Breweries crashed by N1.80k to settle at N127.20k per share.

However, it was a good day for Nestle Nigeria as the stock appreciated by N20.10k on Thursday to close at N1590.10k per share.

CCNN rose by N1.55k to finish at N22 per share, while Okomu Oil increased its share value by N1.05k to end at N78.55k per share.

Flour Mills advanced by N1 to settle at N35.50k per share, while UAC of Nigeria went up by 85k to close at N18 per share.

Business Post reports that the while the volume of shares exchanged at the market yesterday increased, the value decreased.

At the close of market yesterday, investors traded 320.4 million equities worth N4.8 billion in 4,482 deals in contrast to 276.2 million shares sold the previous day in 5,327 deals valued at N6.9 billion.

The most traded stock on the floor of the NSE on Thursday was UBA, which sold 79.9 million units worth N935.2 million.

It was followed by Access Bank, which traded 57 million units for N644.4 million, and E-Tranzact, which exchanged 20.3 million shares valued at N92.4 million.

Zenith Bank transacted 17.7 million equities worth N488.3 million, while FBN Holdings sold 12.4 million shares valued at N154.3 million.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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