Equity market sheds N93bn

The domestic equity market on Monday opened in bearish run, declining by N93 billion as loss recorded in the shares of MTN Nigeria, NGX group may and Baker  outweigh gain in the shares of International Breweries, Presco, Oando and Sovereign Trust Insurance.

This impacted on Market capitalization of listed equities which depreciated by 0.17 per cent to N55.404 trillion from N55.497 trillion reported on Friday.

NGX All Share Index, also went down by 163.32 basis points to 97582.41 points from N55.497 billion reported the previously.

As a result year to date return declined to 30.50 per cent as NGX printed 23 gainers against 25 losers.

An analysis of the trading activities for the day showed that International Breweries, Presco Plc and Sovereign Trust Insurance led gainers table , appreciating by 10 per cent to close at N4.62, N485.10, N0.55  per share respectively. Oando Plc followed with account of 9.88 per cent to close at N27.80 per unit, United Capital added 9.88 per cent to close at N13.35 per share.

On the contrary, Chams Plc topped losers chart, dropping by 10 per cent to close at N1.98 per share, UPL followed with a drop of 9.92 per cent to close at N2.18 per unit, TIP fell by 8.26 per cent to close at N2.00 per unit, Omatek fell by 8.20 per cent to close at N0.56 per share while May and Baker down 7.67 per cent to close at N6.50 per unit.

Volume of trades increased by 113.108 million representing 53.63 per cent as investors traded 324.019 million shares valued at N6.217 billion in 9738 deals against 210.911 million shares worth N3.951 billion exchanged hands the previous day in 6603 deals.

Transactions in the shares of Zenith Bank led market activities with 36.992 million shares valued at N1.331 billion, United Bank for Africa exchanged 34.973 million shares cost N708.479 million, Veritas Kapital traded 25.506 million shares cost N23.308 million, Oando Plc traded 20.282 million cost N552.492 million, AccessCorp exchanged 18.834 million shares cost N350.503 million.