Equity market’s bearish trend continues, shed N74bn
Transactions on the floor of Nigerian Exchange closed southward, shedding N74 billion as more companies recorded low performance
The downward trend recorded during the day, was driven by loss in the stocks of FBNHoldings, Nascon, Nigeria Breweries, NGX group, United Bank for Africa, Zenith among others.
As a result, year to date gain declined by 30.28 per cent as 30 companies declined while 13 firms closed in green
Market capitalisation of listed equities declined by 0.13 per cent to N55.058 trillion from N55.132 trillion reported the previous day
The NGX All Share Index also depreciated by 130.56 basis points to 97473.98 points from 97473.98 points traded the previous day.
Volume of trades went down as investors traded 355.554 million shares valued at N7.142 billion in 7333 deals against 306.596 million shares worth N5.813 billion in 7951 deals.
A review of trading activities showed that Custodian Insurance led gainers table with 9.63 per cent to close at N10.25 per unit, International General Insurance followed with a gain of 9.29 per cent to close at N1.53 per unit, Sovereign Trust Insurance added 7.89 per cent to close at 7.89 per cent to close at N0.41 per unit, NPF Micro Finance Bank gained 7.10 per cent to close at N1.96 per unit, Champion Breweries up 6.11 per cent to close at N3.30 per share.
On the contrary, FTNCocoa and PZ topped losers’ chart, dropping by 10 per cent each to close at N1.44 and N20.25 per unit respectively, Sterling Bank trailed with a loss of 9.89 per cent to close at N4.01 per unit, TIP fell by 9.78 per cent to close at N2.03 per share, UACN down by 9.76 per cent to close at N13.40 per share.
The trading activities for the day showed that GTCO Plc led market activities with 71.872 million shares valued at N3.037 billion, Custodian Insurance followed with 65.465 million shares worth N785.262 million, AccessCorp traded 2.167 million shares cost N416.726 million, Tanterlizer exchanged 21.304 million shares valued at N12.414 million while Prestige insurance sold a total.of 17.525 million shares worth N8.955 million.
