Local equity sheds N289bn

The nation’s equity market on Wednesday extended bearish run as the NGX All Share Index depreciated by 0.44 per cent.

The NGX ASI declined by 460.56 basis points to 104915.13 points from 105375.69 points traded on Tuesday.

Market capitalization of listed equities also went down by N289 billion to N65.789 trillion from N66.078 trillion it recorded the previous day.

The market downturn was driven by profit taking in major stocks such as MRS, Access Holdings company, GTCO, Aradel Plc, FirstHoldco, Transcorps Oando and among others.

As a result, year to date return dropped to 1.93 per cent as 37 companies recorded negative performance against 13 firms that close in green.

A review of the trading during the day showed that Julius Berger led gainers table with 8.47 per cent to close at N137.00, Omatek followed with a gain of 6.15 per cent to close at N0.69 per share.UPDC gained of 2.69 per cent to close at N3.05 per share, Wema Bank added 2.43 per cent to close at N10.55 per unit, Unilever Nigeria Plc gained 2.12 per cent to close at N38.50 per share.

On the contrary, Live Stock Feeds topped losers’ chart, dropping by 10 per cent to close at N8.46 per share, Entranzact trailed with a loss of 9.40 per cent to close at N5.30 per share, Wapic Insurance decrease by 9.27 per cent to close at N2.35 per unit, MRS down by 8.99 per cent to close at N162.00 while May & Baker dropped by 8.05 per cent to close at N8.00 per share.

Volume of trades increased 1.016 billion, representing an increase of 290.30 per cent as investors traded 1.366 billion shares valued at N12.374 billion in 12012 deals against 349.982 million shares cost N8.231 billion exchanged hands the previous day in 11230 deals.

Transactions in the shares of Sovereign Trust Insurance led market activities with 1.009 billion shares valued at N989.016 million, Fidelity Bank followed with account of 42.796 million shares cost N723.151 million, Access Holdings company traded 30.614 million shares valued at N698.019 million, Jaiz Bank exchanged 23.950 million shares cost N85.036 million, Zenith Bank traded 21.630 million shares worth N1.024 billion.