Bears rule as equity market sheds N108bn

Trading activities on the floor of Nigerian Exchange (NGX) on Wednesday remained on negative trend; declining by N108 billion as bears dominated the market during the day.

Market capitalisation of listed equities dropped by 0.20 per cent to N55.187 trillion from N55.295 trillion reported the previous day.

The NGX All Share Index also depreciated by 190.41 basis points to 97199.60 points from 97390.01 points reported the previous day.

As a result year to date return went down to 30.06 per cent as NGX printed 22 gainers against 25 losers.

An analysis of the transactions for the day showed that Guinea Insurance led gainers table with 10 per cent to close at N0.44 per share, followed by SFS REIT with a gain of 9.96 per cent to close at N111.50 per share, RTBriscoe and HoneyWell floor added 9.87 each to close at N1.67 and N4.12 per share respectively.

NSLTech added 7.14 per cent to close at N0.45 per unit.

On the contrary, Oando Plc recorded the highest loss, declining by 9.95 per cent to close at N36.20 per share, Cutix Plc trailed with a loss of 9.92 per cent to close at N5.36 per unit, Academy press depreciated by 8.70 per cent to close at N2.73 per unit, Japaul Gold fell by 7.89 per cent to close at N2.10 per share while Redstarex sheds 6.98 per cent to close at N4.00 per unit.

Volume of shares traded declined by 283.944 million, representing 47.38 per cent as investors traded 315.302 million shares valued at N5.480 billion in 8365 deals against 599.246 million shares worth N13.916 billion exchanged hands the previous day in 11237 deals.

Veritas Kapital was the toast of investors during the day, accounting for 38.419 million shares valued at N485.963 million, GTCO Plc followed with account of 36.328 million shares worth N1.653 billion, Universal insurance traded 23.194 million shares worth N7.027 million, Oando Plc exchanged 22.073 million shares cost N805.108 million while FBNHoldings traded 20.283 million shares worth N454.887 million.