Bears trend as equity market sheds N6bn

Trading activities on the floor of Nigerian Exchange (NGX) on Thursday close on a downward note, declining marginally by N6 billion.

Market capitalization of listed equities depreciated by 0.01 per cent to N56.013 trillion from N56.019 trillion reported the previous day.

The NGX All Share Index also went down by 9.95 basis points to 97477.19 points from 97487.14 points recorded on Wednesday.

The year to date return went down to 30.36 per cent as 23 companies closed higher against 22 decliners.

An analysis of the investment showed that Regal Insurance led gainers’ table with 10 per cent to close at N0.66 per share, Caverton Business Solutions followed with a gain of 9.73 per cent to close at N2.48 per share, Royal Express gained 8.70 per cent to close at N0.75 per unit, ABC Transport added 8.20 per cent to close at N1.32 per unit, UPL up by 7.14 per cent to close at N2.55 per share.

On the contrary, Daar Communications topped losers’ chart, dropping by 10 per cent to close at N0.63 per unit, Livestock Feeds trailed with a loss of 9.88 per cent to close at N3.10 per unit, SUNU Assurance fell by 9.71 per cent to close at N13.95 per share, Conhall Plc dipped by 9.29 per cent to close at N1.27 per unit.

Volume of trades also decreased by 78.389 million, representing 22.01 per cent as investors traded 277.745 million shares valued at N4.753 billion in 7091 deals against 356.134 million shares worth N6.952 billion exchanged hands the previous day in 8582 deals.

Transactions in the shares of Fidelity Bank led market activities with 43.338 million shares valued at N644.785 million, United Bank for Africa followed with account of 30.684 million shares cost N820.733 million, Zenith Bank exchanged 25.552 million shares worth N956.670 million, Lasaco 22.117 million shares cost N59.736 million, AccessCorp traded 18.459 million shares worth N361.249 million.