Bearish equity market sheds N38bn

Trading activities on the floor of Nigerian Exchange on Tuesday closed southward; declining by N38 billion as bears dominated the market.

As a result, market capitalisation of listed equities declined by 0.07 per cent to N56.031 trillion from N56.069 trillion reported the previous day.

The NGX All Share Index also depreciated by 67.84 basis points to 99051.02 points from 99118.86 points recorded the previous day.

The trading for the day showed that year to date return stood at 32.47 per cent as the number of decliners rose to 22 against 17 companies that closed in green.

Volume of transactions during the day showed a decline of 2.202 million, representing a drop of 0.63 per cent as investors traded 347.388 million shares valued at N7.656 billion in 8122 deals against 349.590 million shares valued at N5.237 billion exchanged hands the previous day in 8082 deals.

A review of the investment showed that Nigerian Breweries led gainers table with 10 per cent to close at N28.60 per unit, Presco Plc followed with a gain of 9.99 per cent to close at N293.90 per unit, Oando Plc gained 9.65 per cent to close at N14.20 per unit, RTBriscoe added 9.62 per cent to close at N0.57 per share, Deep capital added 9.09 per cent to close at N0.48 per unit.

On the contrary, Tantalizer topped losers table, declining by 10 per cent to close at N0.45 per share, International General Insurance trailed with 9.71 per cent to close at N1.58 per share, UPDC dipped by 9.70 per cent to close at N1.21 per unit, Unity Bank down by 9.42 per cent to close at N1.25 per share, Chams dipped by 6.67 per cent to close at N1.40 per unit.

Transactions showed that Veritas Kapital led market activities with 59.174 million shares valued at N40.219 million, Fidelity Bank followed with account of 48.121 million shares cost N468.226 million, Oando Plc traded 27.959 million shares worth N397.019 million, Unity Bank exchanged 20.528 million shares cost N25.923 million while United Bank for Africa traded 19.781 million shares cost N418.863 million.