Equity market closes lower, sheds N140bn

Trading on the floor of Nigerian Exchange ((NGX)) Thursday closed negative, shedding N140 billion following losses recorded by Nigerian Breweries, Stanbic IBTC others companies which impacted negatively on the market.

Market capitalisation of listed equities declined by  0.38 per cent to N36.864 trillion from N37.004 trillion reported the previous day.

The NGX All Share Index also depreciated by 254.43 basis points to 67098.80 points from 66353.23 points traded on Wednesday.

Learn Africa led gainers table in percentage terms with 10 per cent to N3.30 per share, Daar Communication followed with 9.52 per cent to close at N0.23 per share, UPDC gained 8.00 per cent to close at N1.35 per share, Thomas Way added 6.80 per cent to N3.30 per unit, SUNU Assurance gained 6.67 per cent to close at N1.12 per share.

Mcnichols recorded the highest loss, dropping by 8.82 per cent to close at N0.62 per share, Omatek trailed with a loss of 8.70 per cent to close at N0.42 per unit, Stanbic IBTC down by 8.49 per cent to close at N69.55 per unit, Ikeja Hotel declined by 6.98 per cent to close at N2.93 per unit.

Volume of trades during the day declined by 98.873 million, representing 24.87 per cent as investors traded 298.687 million shares valued at N4.483 billion in 5453 deals against 397.970 million shares worth N4.699 billion traded in 6165 deals.

Transactions in the shares of United Bank for Africa led market activities with 56.287 million shares valued at N1.053 billion, Fidelity Bank followed with account of 33.882 million shares worth N282.308 million, AccessCorp traded 22.173 million shares cost N364.027 million, Transnational Corporation of Nigeria exchanged 21.823 million shares valued at N135.261 million, Ellah Lakes sold a total of 20.195 million shares valued at N81.726 million.