Equity market sustains negative trend, sheds N671bn
The domestic equity market on Thursday shed N671 as selloff in the shares of Dangote Cement, Dangote Sugar Refinery, FBNHoldings, Wapco others impacted negatively on the market
The negative trend resulted in a 1.19 per cent decline in the Market capitalization of listed equities to N55.776 trillion from N56.447 trillion reported the previous day.
The NGX All Share Index also depreciated by 1,167.97 points to 97064.42 points from 98232.39 points traded on Wednesday.
The market saw a dominance of the bearish activity with 28 losers outnumbering 23 gainers, as year to date return went down to 29.81 per cent.
A review of the trading activities during the day showed that Seplat Energy led gainers table, appreciating by 10 per cent to close at N4513.00 per share, Livestocks followed with a gain of 9.93 per cent to close at N2.99 per unit, Regal Insurance gained 9.76 per cent to close at N0.90 per unit, Caverton Business Solutions added 9.63 per cent to close at N2.39 per unit while Mansard Insurance added 7.83 per cent to close at N5.93 per unit.
On the contrary Dangote Cement and Mcnichols topped losers chart, dropping by 10 per cent each to close at N478.80 and N1.35 per unit respectively.
NSLTech trailed with a loss of 7.58 per cent to close at N0.61 per unit, UPDTech dipped by 4.72 per cent to close at N5.05 per unit, CWG sheds 4.62 per cent to close at N6.20 per unit.
Volume of trades also went down 157.37 million, representing 36.96 per cent as investors traded 268.394 million shares valued at N6.758 billion in 8565 deals against 425.764 million shares cost N8.450 billion in 11954 deals.
United Bank for Africa led market activities with 37.090 million shares valued at N993.999 million, Zenith Bank followed with account of 19.013 million cost N716.659 million, Deap Capital traded 13.897 million shares valued at N201.118 million, Sterling Bank exchanged 13.061 million shares valued at N63.336 million while Caverton Business Solutions sold a total of 12.097 million shares cost N25.368 million.
