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Stock Market capitalization sheds N26.5bn over losses by leading stocks

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Stock Market: Investors lose N546b in first half

Market capitalization took a dip on Monday at the Nigerian Stock Exchange shedding N26.5 billion to close at N11.18 trillion.

The negative result was as a result of losses by 20 leading stocks, dragging the All-Share Index down by 0.21 per cent to close lower at 30, 609.06 compared to growth of 0.34 percent in Friday last week.

Leading equities such as Lafarge Africa Plc, Forte Oil Plc, FBN Holdings Plc, GTBank and Zenith Bank Plc among others, shed prices.

While 20 equities shed value, 17 others appreciated.

Forte Oil Plc led the chart of price losers with 9.9 per cent, trailed by Ikeja Hotel Plc, which declined by 9.6 per cent.

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Wema Bank Plc shed 8.4 per cent, while Linkage Assurance Plc, CAP Plc and John Holt Plc went down by 8.3 per cent, 6.4 per cent and 6.2 per cent respectively.

Other to price losers included: Lafarge Africa Plc (4.0 per cent); Continental Reinsurance Plc (3.7 per cent); PZ Cussons Nigeria Plc (3.3 per cent); Fidelity Bank Plc ( 3.0 per cent) and Oando Plc (3.0 per cent).

Diamond Bank Plc however led the price gainers with 9.47 per cent, trailed by Access Bank Plc with 9.4 per cent. Both stocks attracted high patronage following the confirmation that they have reached agreement to combine their businesses through merger.

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