Local equities dip by N190bn

Omeiza Bilal

The nation’s equity market on Tuesday sustained declining profile, shedding N190 billion as majority of stocks closed southward.

Market capitalisation of the listed equities decreased by 0.32 per cent to N58.905 trillion from N59.095 trillion reported on Monday.

The NGX All Share Index also depreciated by 336.82 basis points to 104181.32 points from 104518.14 points traded the previous day.

The market’s negative performance was driven by investors profit taking activities in some stocks like AccessCorp, FBNHoldings, Oando, Stanbic and 28 others.

As result the year to date return went down to 39.33 per cent as NGX printed 21 gainers against 32 losers.

Analysis of the investment showed that UPL led gainers table with a gain of 9.84 per cent to close at N2.68 per share, SCOA followed with a gain of 9.69 per cent to close at N2.15 per unit, Morison industry added 9.66 per cent to close at N1.93 per share, Cutix Plc  rose by 9.62 per cent to close at N2.85 per share, Mutual Benefits added 9.38 per cent to close at N0.70 per share.

Conversely, Caverton Business Solutions, International General Insurance topped losers chart, dropping by 10 per cent each to close at N1.62 and N1.44 per share respectively.

ThomasWay trailed with a drop  of 9.63 per cent to close at N1.97 per unit, NEM Insurance dipped by 8.95 per share, Tantalizer down by 9.52 per cent to close at N0.38 per unit .

Volume of transactions also declined by 140.466 million, representing 25.75 per cent as investors traded 405.026 million shares valued at N8.908 billion in 10364 deals against 545.492 million worth N14.614 billion in 12925 deals.

Trading in the shares of AccessCorp led market activities, as it exchanged 50.000 million shares valued at N1.241 billion, United Bank for Africa followed with account of 49.005 million shares cost N1.370 billion, Transcorps traded 45.946 million shares worth N612.798 million, Zenith Bank traded 41.877 million shares valued at N1.864 billion while GTCO Plc exchanged 29.702 million cost N1.568 billion