Egypt Pays $6.3B In Debt Service In Q3 2021/2022
Egypt Pays $6.3B In Debt Service In Q3 2021/2022
Mixed emotions characterized the opening day of trading on the Nigerian equity market this week as a loss at Presco and 16 other companies brought the market down by N18 billion.
The headline inflation rate in Nigeria also continued to rise for the sixth straight month, reaching its highest level in 17 years. Consumer prices increased by 105 basis points to 19.64% year-over-year in July, the highest reading since September 2005, according to the National Bureau of Statistics (NBS).
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To conclude at 49,629.43 points, the All Share Index (ASI) dropped by 34.64 absolute points or 0.07 percent. The market capitalization also decreased by N18 billion, closing at N26.769 trillion.
Losses in medium- and large-capitalized equities, including Presco, Dangote Sugar Refinery, Access Holdings, FBN Holdings (FBNH), and United Capital Plc, had an impact on the decline.
Egypt Pays $6.3B In Debt Service In Q3 2021/2022
This week, United Capital Plc expected the bear market to persist as the impact of the increased benchmark interest rate continues to weigh down equity markets. “However, investors are expected to continue cherry-picking stocks with solid underlying fundamentals,” it said.
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As measured by market breadth, market sentiment was negative, as 17 stocks lost relative to 12 gainers. Neimeth Pharmaceutical recorded the highest price gain of 9.29 per cent to close at N1.53, per share.
Following Unity Bank, FCMB Group increased by 4.18 per cent to close at N3.49 per share, while Unity Bank increased by 4.65 per cent to conclude at 45 kobos. Transnational Corporation of Nigeria (Transcorp) increased by 0.93 per cent to close at N1.08 a share, while Zenith Bank increased by 2.12 per cent to conclude at N21.70.
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Presco, on the other hand, finished at N142.60 per share to lead the losers’ table by 9.97%. Ikeja Hotel dropped by 5.51 percent to conclude at N1.20 per share, while Multiverse Mining & Exploration dropped by 7.79 percent to close at N2.25.
Jaiz Bank lost 3.30 percent to settle at 88 kobo per share while Dangote Sugar Refinery lost 4.19 percent to close at N16.00.
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Egypt Pays $6.3B In Debt Service In Q3 2021/2022
Also, the total volume traded declined by 71.9 per cent to 210.836 million units, valued at N2.188 billion, and exchanged in 4,122 deals. Transactions in the shares of eTranzact International topped the activity chart with 52.552 million shares valued at N119.835 million.
FBNH followed with 23.083 million shares worth N249.782 million, while United Bank for Africa (UBA) traded 21.897 million shares valued at N153.480 million.
Guaranty Trust Holding Company (GTCO) traded 15.517 million shares valued at N315.918 million, while Transcorp transacted 12.742 million shares worth N13.711 million.
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