Equity market sheds N185bn

The domestic equity market on Wednesday returned to bearish run, shedding N185 billion as loss recorded in the highly capitalised stocks weigh down trading activities.

Market capitalisation of listed equities depreciated by 0.29 per cent to N63.147 trillion from N63.332 trillion reported the previous day.

The NGX All Share Index also went down by 301.86 basis points to 102836.13 points from 103137.99 points reported the previous day.

The negative performance the market was driven by loss in the shares of MTN Nigeria, Aradel Plc, Dangote Sugar, Multiverse Plc, Nigerian Breweries, FBNHoldings, Zenith Bank.

As a result year to date returned took negative direction standing at -0.09 per cent as 24 companies each closed both in green and in red.

An analysis of the transactions during the day showed SCOA Plc led gainers 9.70 per cent to close at N3.28 per unit, Cadbury Nigeria Plc followed with 9.65 per cent to close at N25.00, NSLTech added 9.59 per cent to close at N0.80 per share, C & I Leasing. up by 5.85 per cent to.cose at N4.34 per unit, FTNCocoa increased by 5.41 per cent to close at N1.95 per share.

On the contrary Multiverse topped 9.87 per cent to close at N10.05 per unit, May & Bakers trailed by with a loss of 9.78 per cent to close at N8.30 per share, Prestige insurance fell by 7.69 per cent to close at N1.32 per unit, Guinea Insurance declined by 7.45 per cent to close at N0.87 per share, Redstarex depreciated by 4.75 per cent to close at N4.81 per share.

Volume of trades declined by 45.509 million, representing 10.34 per cent as investors traded 394.815 deals against 440.324 million shares worth N11.970 billion in 13087 deals.

Trading for the day showed that Access Holding Company led market activities with 91.991 million shares valued at N2.235 billion, United Bank for Africa followed with account of 27.006 million shares cost N919.313 million, Sterling Bank traded 22.971 million shares valued at N12.413 million, AIICO Insurance exchanged 17.917 million shares worth N31.690 million while Zenith Bank exchanged a total of 16.981 million shares valued at N802.239 million.