Domestic equities market remains bearish, shed N627bn
The local equities market on Tuesday sustained declining profile, shedding N627 billion,as renewed sell pressure which hit the equity space on Monday persisted.
Investors continued to engage in profit taking activities from earlier gains particularly in large cap stocks, amid cautious positioning ahead of releasing of macroeconomic data.
This resulting in market capitalisation of listed equities declining by 0.63 per cent to N96.970 trillion from N96.970 trillion reported the previous day.
The NGX All Share Index also depreciated by 1109.51 basis points to 152639.60 points from 153739.11 points traded the previous day.
The trading during the day showed that losses in the shares of Nascon, Zenith Bank, UBA, Access Holdings Company, Nestle, Oando, PZ, SkyAVN among others dragged down the NGX index.
The market breath was negative with 17 gainers against 40 decliners, bringing year to date return to 48.29 per cent.
Volume of trades rose by 56.418 million, representing 8.25 per cent, as investors traded 683.920 million units of shares against 627.502 million shares traded the previous day. Value of transactions went down by 18.50 per cent to settle at N20.375 billion against N25.000 billion in 33.288 deals.
An analysis of the investment showed that Eunisell Plc led gainers table with 10 per cent to close at N64.90 per unit, SUNU Assurance followed with a gain of 9.98 per cent to close at N4.96 per share, Honey Well Flour added 9.72 per cent to close at N19.75 per unit, Livestock Feeds gained 7.25 per cent to close at N7.40 per share, TIP increased by 4.17 per cent to close at N12.50 per unit.
On the contrary SkyAVN and Nascon topped losers’ chart, dropping by 10 per cent each to close at N89.55 and N99.00 per unit respectively. Oando Plc trailed with a loss of 9.99 per cent to close at N43.25 per share, UPDC down by 9.92 per cent to close at N5.54 per share, Learn Africa fell by 9.86 per cent to at N5.85 per unit.
Transactions in the shares of Aso Savings led market activities with 111.950 million shares valued at N115.216 million, FCMB group followed with account of 110.103 million shares cost N1.134 billion, Fidelity Bank traded 55.136 million shares cost N1.046 billion, Zenith Bank traded 38.275 million shares worth N2.378 billion, FirstHoldco exchanged 29.828 million shares worth N929.392 million.
