Local equities shed N74bn

The domestic equity market on Wednesday returned to bearish run, declining by N74 billion as losses recorded in the stocks of medium and highly capitalised companies impacted negatively on the market.

Market capitalisation of listed equities declined by 0.11 per cent to N66.140 trillion from N66.214 trillion reported the previous day.

The NGX All Share Index also depreciated by 117.90 basis points to 105475.38 points from 105593.28 points traded the previous day.

Although the market recorded 31 advancers against 12 decliners, losses recorded in the shares of MTN Nigeria, Zenith, Afriprudential, Honey Well Flour, Dangote Sugar, FCMB and six others wipeout gains recorded in the shares of Mutual Benefits,Royal Express,NEM Insurance and 29 other firms .

As a result, year to date return declined to 2.49 power cent.

 An analysis of the investment showed that Mutual Benefits led gainers table with 10 per cent to close at N0.88 per cent, Royal Express followed with 9.88 per cent to close at N0.89 per share, NEM Insurance added 9.84 per cent to close at N13.40 per unit, Lasaco Insurance increased 9.56 per cent to close at N2.75 per share, Entranzact gained 9.92 per cent to close at N5.75 per unit.

On the contrary, Uhomreit topped losers’ chart, dropping by 9.93 per cent to N51.25 per unit, ABC Transport trailed with 9.80 per cent to close at N1.38 per unit, Universal insurance down by 8.33 per cent to close at N0.55 per share, Daar Communications dipped by 6.45 per cent to close at N0.58 per unit, Champion Breweries sheds 5.00 per cent to close at N3.80 per unit.

Volume of trades increased by 5.411 billion, representing 1548.9 per cent as investors traded 5.760 billion shares valued at N342.605 billion in 10908 deals against 349.326 million shares worth N15.075 billion exchanged hands the previous day in 12450 deals.

Transaction in the shares of Wapco recorded the highest volume of activities during the day, exchanging 4.473 billion shares valued at N330.146 billion, Sovereign Trust Insurance followed with account of 607.057 million shares cost N607.080 million, Cutix Plc traded 358.333 million shares cost N860.044 million, Fidelity Bank exchanged 61.858 million shares cost N1.177 billion while Access Holdings company traded 43.791 million shares valued at N973.747 million.