Domestic equity closes negative, sheds N2bn
Agency Report
The local equity market on Wednesday on the negative shedding N2 billion as market capitalisation of listed equities declined marginally by 0.004 per cent to N56.456 trillion from N56.458 trillion it traded the previous day.
The NGX All Share Index also depreciated by 3.87 basis points to 99802.08 points from 99805.95 points it closed on Tuesday.
The downward trend in the market was a result of profit taking embarked upon by investors. Traders cashed out profit from banking stocks in portfolios rebalancing and bargain hunting ahead of the half-year earnings reporting season likely to kick off any moment from this week.
As result year to date return went down to 33.47 per cent as 22 companies took negative direction against 26 firms that closed in green.
An analysis of the investment showed that ABC Transport led gainers table, increasing by 10 per cent close at N0.77 per unit, Eterna Plc followed with a gain of 9.88 per cent to close at N18.35 per share, Livestock Feeds added 9.63 per cent to close at N2.05 per unit, Vitafoam Nigeria Plc increased by 9.44 per cent to close at N19.70 per share while Redstarex up by 9.98 per cent to close at N4.49 per unit.
On the contrary, Thomas Way topped losers’ chart, dropping by 10 per cent to close at N2.16 per share, Daar Communications trailed with a loss of 8.77 per cent to close at N0.52 per unit, CWG dipped by 5.48 per cent to close at N6.90 per unit, Royal Express fell by 4.11 per cent to close at N0.70.per unit, Wema Bank down by 3.57 per cent to close at N6.75 per share.
Volume of trades increased by 512.460 million representing 121.23 per cent as investors traded 935.148 million shares valued at N11.839 billion in 8160 deals against 422.688 million shares cost N53.956 billion in 8256 deals.
Trading in the shares of Fidelity Bank led market activities with 698.205 million shares valued at N7.271 billion, Zenith Bank followed with account of 36.437 million shares cost N1.342 billion, United Bank for Africa exchanged 26.356 million shares worth N604.060 million, GTCO Plc traded 14.492 million shares worth N653.504 million, Veritas Kapital sold a total of 13.966 million shares worth N16.910 million.
