Equity market sheds N56bn

The nation’s equity market on Wednesday sustained negative performance, dropping by N56 billion, as profit taking activities persisted during the day.

Market capitalisation of listed equities declined by 0.10 per cent to N56.019 trillion from N56.075 trillion recorded the previous day.

The NGX All Share Index also depreciated by 97.67 basis points to 97487.14 points from 97584.81 points reported on Tuesday.

The negative trend recorded yesterday was driven primarily by losses in the shares of Oando Plc, FBNHoldings, Fidelity Bank, United Bank for Africa, Eterna Plc, Unilever and 32 others.

As a result year to date return went down to 30.38 per cent as 38 companies closed in red while 15 firms recorded positive growth. 

An analysis of the investment showed that Lasaco Insurance led gainers table with 10 per cent to N2.53 per share, Mecure followed with a gain of 9.47 per cent to close at N9.25 per unit, Julius Berger gained 9.33 per cent to close at N164.00 per share, Regal Insurance added 9.09 per cent to close at N0.60 per unit, Gold Breweries grew by 7.94 per cent to close at N3.40 per share.

On the contrary, EllahLakes topped losers” chart, dropping by 9.84 per cent to close at N4.40 per unit, ABC Transport trailed with a loss of 9.63 per cent to close at N1.22 per unit, Eterna Plc sheds 8.52 per cent to close at N24.70 per unit, C&I Leasing dipped by 8.40 per cent to close at N3.71 per share, Live Stock Feeds sheds 8.02 per cent to close at N3.44 per unit.

Volume of trades also decreased by 362.977 million, representing 50.48 per cent as investors traded 356.134 million shares valued at N6.592 billion against 719.111 million shares worth N8.341 billion exchanged hands the previous day in 9435 deals.

Transactions in the shares of Fidelity Bank led market activities with 66.242 million shares valued at N988.102 million, United Bank for Africa followed with account of 38.038 million shares cost N103.251 million, Sterling Bank traded 33.792 million shares cost N179.594 million, Nigerian Breweries traded 14.560 million shares valued at N435.645 million while Oando Plc exchanged 13.118 million shares cost N934.243 million.