Equity market sheds N68b

The local equity on Tuesday closed on negative direction, shedding N68 billion losses in the market dominated bearish activity.

Market capitalization of listed equities declined by 0.16 per cent to N58.935 trillion from N59.003 trillion recorded the previous day.

The NGX All Share Index also depreciated by 113.19 basis points to 97260.75 points from 97373.94 points reported on Monday.

The poor performance of the market was driven by loss in the shares of Dangote Sugar, Nestle Nigeria Plc, Oando Plc, VFD group which outweigh gain recorded in shares Eunisell, JohnHolt, SUNU Assurance Regal Insurance and among others.

As a result year to date return went down 30.07 per cent as 20 companies recorded gains against 29 closed in red.

An analysis of the investment showed that Eunisell led gainers table, appreciating by 9.98 per cent to close at N9.92 per unit, John Holt followed with a gain of 9.83 per cent to close at N5.81 per unit, SUNU Assurance added 9.71 per cent to close at N2.26 per share, Universal insurance added 6.25 per cent to close at N0.34 per unit, Regal Insurance added 4.17 per cent to close at N0.50 per unit.

On the contrary, VFD group topped losers by 10 per cent to close at N40.50 per unit, Royal Express trailed with a loss 9.68 percent to close at N0.56 per unit, Oando Plc dipped by 9.42 per cent to close at N62.05 per unit, Thomas Way fell by 8.85 per cent to close at N1.75 per share, Dangote Sugar declined by 4.83 per cent to close at N28.55 per share.

Volume transaction increased by 52.55 million, representing 17.64 per cent as investors traded 350.379 million shares valued at N9.262 billion in 10224 deals against 297.829 million shares cost N7.517 billion in 9902 deals.

Trading in the shares of United Capital led market activities with 78.764 million shares valued N1.176 billion Access Holdings followed with account of 25.914 million shares worth N624.369 million United Bank for Africa exchanged 22.890 million shares cost N722.877 million, Oando Plc traded 18.241 million valued N1.144 billion,GTCO Plc sold a total of 15.685 million cost N840.959.