Sell-offs continue as equity market investors lose N720bn

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The top three decliners of the day comprise FCMB Group, Lafarge Africa and Nigerian Breweries with each accumulating losses of 10 per cent, leading to a decrease in their share prices to N7.20, N31.95 and N30.60.

Bearish sentiments pervaded various sectors, particularly in Banking, Insurance, and Consumer Goods, which witnessed declines of 6.90 per cent, 3.72 per cent, and 1.20 per cent, respectively. These declines were propelled by sell-sentiments in stocks such as Sterling Financial Holdings, Wema Bank, AccessCorp, United Bank for Africa, NEM Insurance, AIICO, NB, Dangote Sugar and Honeywell Flour mill.

Also, the Industrial Goods index saw a decrease of 0.41 per cent due to negative price movements in Lafarge Africa  and CUTIX, while the Oil & Gas index remained flat.

On a positive note, trading activities on the local bourse were in the green zone with  improvements seen in  total deals and traded volume rising by 15.40 per cent and 41.28 per cent to 10,549 deals and 396.23 million units, respectively.

However, the total traded value mirrored the bearish sentiment, declining by 4.80 per cent to N5.83bn.

At the close of the session, indigenous conglomerate, Transcorp Plc took the lead as the most traded security by volume, with 52.57 million units exchanged in 507 deals, while Zenith Bank topped the charts in traded value at N1bn.

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