Equity market dips by N48bn

Bearish sentiments dominated the local equity market on Wednesday, dragging trading during the day down by N48 billion.

Market capitalisation of listed equities depreciated by 0.07 per cent to N66.436 trillion from N66.484 trillion recorded on Tuesday.

The NGX All Share Index also down by 77.37 basis points to 106090.38 points from 106167.75 points reported the previous day.

The negative performance during the day affected by losses in the shares of Conoil Plc, Berger Paint, Dangote Sugar, UBA, Oando and among others, as a result year to date return stands at 3.15 per cent as 19 firms closed in green against 32 companies that closed in red.

An analysis of the trading during the day showed that Tantalizer led gainers table with 9.79 per cent to close at N3.14 per unit, NSLTech followed with 9.68 per cent to close at N0.68 per unit, Caverton Business Solutions gained 9.09 per cent to close at N3.00 per share, FTNCocoa added 6.51 per cent to close at N1.80 per unit, Jaiz Bank increased by 6.04 per cent to close at N3.51 per share.

On the contrary Conoil plc topped losers’ chart, dropping by 10 per cent to close at N331.20 per unit, Berger Paint trailed with a loss of 9.81 per cent to close at N18.85 per share, International General Insurance dipped by 9.79 per cent to close at N1.75 per unit, Multiverse down by 9.66 per cent to close at N7.95 per share, Regal Insurance fell by 8.70 per cent to close at N0.63 per unit.

Volume of trades increased by 1.174 billion, representing an increase of 361.75 per cent as investors traded 1.498 billion shares valued at N10.251 billion in 11748 deals against 324.588 million shares worth N7.918 billion exchanged hands the previous day in 12652 deals.

Transactions in the shares Sovereign Trust Insurance led market activities with 989.732 million shares valued at N987.472 million, Jaiz Bank followed with account of 187.353 million shares cost N628.093 million, NSLTech traded 43.511 million shares worth N286.209 million, Zenith Bank traded 22.810 million shares valued at N1.085 billion, United Capital exchanged 18.281 million shares cost N346.426 million.