Equity market sheds N22bn
Agency Report
Trading on the floor of Nigerian Exchange on Wednesday saw daily transactions in red, sustaining the downward trend it started on Monday.
The NGX All Share Index shrank 34.84 basis points to close at 98023.23 points against 98058.07 points reported the previous day.
Market capitalization also dropped by N22 billion, representing 0.04 per cent to N59.396 trillion from N59.418 trillion reported the previous day.
This low performance was driven by ongoing profit-taking activities that have persisted since the start of the week, following gains in earlier sessions last week.
As a result, year to date return declined to 31.09 per cent despite the fact 33 companies’ close in positive direction against 23 losers
An analysis of the Investment showed that Skyavn , UPL and Vitafoam Nigeria Plc led gainers’ table with 10 per cent each to close at N27.50 per unit, N3.08 and N22.00 per share respectively.
Eunisell followed with a gain of 9.73 per cent to close at N4.65 per unit, Nahco added 9.89 per cent to close at N38.90 per unit.
On the contrary Jaiz Bank and PZ recorded the highest loss declining by 10 per cent each to close at N2.25 and 18.90 per share respectively.
ABC Transport trailed with a loss of 9.63 per cent to close at N1.22 per unit, UPDC dipped by 9.37 per cent to close at N1.45 per share, International General Insurance declined by 8.97 per cent to close at N1.34 per share.
Volume of trades increased 139.632 million , representing 34.97 per cent as investors traded 538.956 million shares worth N15.301 million in 10028 deals against 399.324 million shares cost N8.925 billion in 9547 deals.
Transactions in the shares of Jaiz Bank led market activities with 106.676 million shares valued at N241.358 million, United Bank for Africa followed with account of 95.911 million shares valued at N2.850 million, Chams traded 80.660 million worth N162.163 million, MTN Nigeria exchanged 30.756 million shares cost N5.388 billion while Zenith Bank traded 23.075 million shares cost N912.170 million.
