Equity market sheds N48bn

Omeiza Bilal

The nation’s equity market on Wednesday opened week in a bearish run declining by N48 billion as loss recorded by MTN, Nigerian Breweries, United Bank for Africa, FBNHoldings outweigh gain in the shares of Guinness, Champion Breweries honey Well Flour Plc among others.

Market capitalisation of listed equities depreciated by 0.08 per cent to N56.478 trillion from N56.526 trillion it closed on Friday.

The NGX All Share Index also declined by 84.34 basis points to 99840.95 points from 99925.29 points reported the previous day.

As result year to date return stood at 33.52 per cent as 40 companies closed in green while 15 decliners.

A review of the investment showed that UPL led gainers table, appreciating by 10 per cent to close at N2.75 per unit, Guinness Nigeria Plc followed with a gain of 9.96 per cent to close at N66.25 per unit, Champion Breweries gained 9.83 per cent to close at N3.24 per share, Honeywell flour gained 9.52 per cent to close at N3.45 per unit, Veritas Kapital added 9.46 per cent to close at N0.81 per share.

On the contrary, Caverton Business Solutions topped losers’ chart with 9.62 per cent to close at N1.41 per share, ABC Transport trailed with a loss of 9.52 per cent to close at N0.57 per unit, Nigerian Breweries down by 8.37 per cent to close at N29.00 per share, Wapic Insurance fell by 5.71 per cent to close at N0.66 per unit, Mansard Insurance declined by 4.37 per cent to close at N5.25 per share.

Volume of transactions increased by 1.0689 billion, representing 334.76 per cent as investors traded 1.383 billion shares worth N16.484 billion in 9899 deals against 318.100 million shares worth N4.950 billion in 7302 deals.

Transactions in the shares of Fidelity Bank led market activities with 1.046 billion shares valued at N11.316 billion, AIICO Insurance followed with account of 60.670 million shares valued at N58.897 million, Veritas Kapital traded 55.731 million shares cost N44.314 million, United Bank for Africa exchanged 21.641 million shares valued at N480.450 per unit, Zenith Bank traded 15.268 million shares cost N545.479 million.