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The stock market fell by N37 billion.

The stock market lost N37 billion on Tuesday after a six-day rally that ended with a take profit bottoming Nigerian Exchange Limited.

The Jeonju index closed at 54,299.76 points, down 67.98 points and 0.13% from the previous trading day. Similarly, the total market capitalization closed at N29.576 billion with a loss of N37 billion.

This downward trend was driven by lower share prices of large and medium-sized companies including Geregu Power, Semen Dangote, Nigerian Exchange Group, Ardova and UAC Nigeria .

The market width ended negative, with 26 stocks down and 20 up. Shares of Conoil rose 10% to N29.50 per share. MRS Oil Nigeria was up 9.82% to close at 21.25, while International Energy Insurance was up 9.35% to close at 0.17 N1 per share. GlaxoSmithKline Consumer in Nigeria rose 6.92% to $6.95, while Wapic Insurance rose 4.65% to close at $0.45 a share.

On the other hand, Japaul Gold & Ventures led the losers’ chart by 9.38 per cent to close at N0.29 kobo, while FCMB Group followed with a decline of 7.82 per cent to close at N4.60, per share.

Royal Exchange shed 7.32 per cent to close at N0.76 kobo, while Linkage Assurance and UACN shed 6.12 per cent each to close at N0.46 kobo and N9.20 respectively, per share.

Meanwhile, the total volume of trades grew by 4.38 per cent to 200.035 million units, valued at N7.622bn, and exchanged in 4,380 deals.

Transactions in the shares of FCMB Group topped the activity chart with 27.983 million shares valued at N130.017m.

Geregu Power followed with 21.130 million shares worth N4.176bn, while Sterling Bank traded 18.837 million shares valued at N28.934m.

Transnational Corporation of Nigeria traded 15.768 million shares valued at N21.164m, while Zenith Bank transacted 14.670 million shares worth N366.988m.


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