Equity market closes lower, dips by N188bn
Transactions on the floor of Nigerian Exchange (NGX) returned to bearish run, depreciating by N188 billion, as bears dominated the market.
Market capitalisation of listed equities on Wednesday declined by 0.33 per cent to N56.447 trillion from N56.635 trillion reported the previous day.
The NGX All Share Index also depreciated by 326.40 basis points to 98232.39 points from 98557.79 points recorded the previous day.
The negative performance of the market was driven primarily by decline in the shares of Oando, Dangote Sugar, FBNHoldings, GTCO Plc, NGX group, United Bank for Africa, AccessCorp, United Capital and 24 others.
As a result year to date return went down by 31.37 per cent as 26 companies closed in green against 32 firms that took negative direction.
A review of the trading activities during the day showed International Breweries led gainers table during the day, appreciating by 9.98 per cent to close at N4.41 per share, Meyer Paint followed with a gain of 9.94 per cent to close at N8.52 per unit, Veritas Kapital gained 9.93 per cent to close at N1.66 per share, Tripple G added 9.91 per cent to close at N4.99 per unit, Deap Capital increased by 9.84 per cent to close at N1.34 per unit.
On the contrary, EllahLakes topped losers chart, dropping 9.93 per cent to close at N3.99 per share, Caverton Business Solutions trailed with 9.92 per cent to N2.18 per share, ABC Transport failed by 9.57 per cent to close at N1.04 per share, Livestock Feeds gained 9.03 per cent to close at N2.72 per unit, Conhall Plc declined by 7.24 per cent to close at N1.41 per unit.
Volume of trades decreased by 1.431 billion, representing 77.07 per cent as investors traded 425.764 million shares valued at N8.450 billion in 11954 deals against 1.857 billion shares cost N111.579 billion in 10583 deals.
The result further showed that United Bank for Africa led market activities with 108.022 million shares valued at N3.013 billion, Zenith Bank followed with account of 35.172 million shares cost N1.327 billion, Veritas Kapital traded 30.583 million shares cost N49.180 million, EllaLakes exchanged 21.611 million shares valued at N88.520 million while Regal Insurance traded 19.081 million shares valued at N15.647 million.
