Equity market sheds N103bn as strikes commences

Domestic equity market on Monday opened in a bearish run, declining by N103 billion.

Market capitalisation of listed equities went down by 0.18 per cent to N56.069 trillion from N56.172 trillion it closed on Friday.

The NGX All Share Index also depreciated by 181.52 basis points to 99118.86 point from 99300.38 traded the previous day.

As a result year to date return went down to 32.63 per cent as NGX printed 23 gainers against 17 losers.

An analysis of the investment showed that Cornerstone Insurance Deep Capital  led gainers table with 10 per cent each to close at N2.09 and N0.44 per share respectively.

Oando Plc followed with a gain of 9.75 per cent to close at N12.95 per unit, Veritas Kapital added 8.47 per cent to close at N0.64 per share, Regal Insurance increased by 8.33 per cent to close at N0.39 per share.

On the contrary, Etranzact topped losers chart, declining by 9.82 per cent to close at N5.05 per unit, Unity Bank trailed with a loss of 9.80 per cent to close at N1.38 per share, Jaiz Bank fell by 9.65 per cent to close at N2.06 per unit, Mcnichols dipped by 9.09 per cent to close at N1.00 per unit, Japaul Gold dipped by 4.78 per cent to close at N1.99 per share.

Volume of trades declined by 84.407 million, representing 19.45 per cent as investors exchanged 349.590 million shares valued at N5.237 billion in 8082 deals against 433.997 million shares worth N8.575 billion in 8525 deals.

Transactions in the shares of Veritas Kapital led market activities with 57.951 million shares valued at N35.943 million, GTCO Plc followed with account of 47.634 million shares cost N1.887 million, AccessCorp traded 46.322 million shares cost N796.316 million, AIICO Insurance exchanged 30.705 million shares cost N30.796 million while Regal Insurance traded 14.554 million shares cost N5.636 million.