Equity market remain bearish, shed N113bn

Trading activities on the floor of Nigerian Exchange on Tuesday sustained bearish trend, declining by N113 billion.

Market capitalisation of listed equities declined by 0.12 per cent to N92.218 trillion from N92.325 trillion reported the previous day.

The NGX All Share Index also depreciated by 173.26 basis points to 144986.51 points from 145159.77 points recorded the previous day.

The decline was driven by profit taking activities among investors.

Market sentiment nearly balanced as 28 decliners stocks outnumbered 27 advancers, bringing year to date return to 40.86 per cent.

Volume of trades declined by 6.943 million, representing 1.79 per cent as investors traded 381.234 million against 388.177 million traded the previous day. Value of trades also went down by 46.32 per cent to settle at N16.717 billion in 21827 deals.

An analysis of the investment showed NCR led gainers table with 9.95 per cent to close at N30.95 per unit, UPL followed with a gain of 9.80 per cent to close at N5.60 per unit, Tantalizer added 9.79 per cent to close at N2.58 per share, Caverton Business Solutions up by 9.57 per cent to close at N5.15 per share, Union Dicon grew by 9.52 per cent to close at N6.90 per units.

On the contrary, Living Trust Insurance topped losers’ chart, dropping by 9.90 per cent to close at N3.73 per unit, Mcnichols trailed with a loss of 9.00 per cent to close at N2.73 per share, Livestock Feeds down by 7.75 per cent to close at N6.55 per share, Regal Insurance dipped by 6.56 per cent to close at N1.14 per unit, UPDC sheds 6.14 per cent to close at N5.96 per unit.

Tantalizer led market activities with 58.776 million shares valued at N145.991 million, Sterling Bank followed with account of 31.412 million shares cost N242.417 million, Universal insurance traded 28.100 million shares cost N35.813 million, Veritas Kapital exchanged 25.246 million shares cost N47.689 million while Aradel Plc sold 16.348 million shares worth N9.496 billion.