Bears resurface as equity market sheds N200bn

Domestic equity market Tuesday returned to bearish run, declining by N200 billion as sell off in shares of some major stocks, like FBNHoldings, GTCO Plc, AccessCorp, Zenith, NGX group, Oando, Nestle Nigeria Plc, Wema Bank impacted negatively on the market performance.

Market capitalisation of listed equities depreciated by 0.35   per cent to N56.167 trillion from N56.367 trillion recorded the previous day.

The NGX All Share Index also decreased by 353.51 basis points to 99311.54 points from 99665.05 points reported on Monday.

As result year to date return declined at 32.82 per cent as NGX printed 16 gainers against 26 losers

A review of trading activities during the day showed that SUNU Assurance led gainers table, appreciating by 10 per cent to close at N1.10 per unit, Japaul Gold followed with a gain of 9.84per cent to close at N2.10 per unit, Cap Plc added 9.38 per cent to close at N26.25 per share, Omatek gained 9.21 per cent to close at N0.83 per share, Prestige insurance increased by 9.09 per cent to close at N0.60 per unit.

On the contrary, HoneyWell Flour topped losers chart, dropping by 9.89 per cent to close at N3.19 per unit, FBNHoldings trailed with a loss of 9.88 per cent to close at N21.90 per share, Oando Plc dipped by 9.82 per cent to close at N10.10 per unit, FTNCocoa went down by 9.40 per cent to close at N1.35 per unit, Nestle Nigeria Plc up by 8.89 per cent to close at N820.00 per share.

Volume of trades increased by 267.806 million or 87.34 per cent as investors traded 574.426 million shares valued at N7.842 billion in 7324 deals against 306.620 million shares worth N5.300 billion exchanged hands the previous day in 8298 deals.

Transactions in the shares of Transnational Corporation of Nigeria led market activities with 125.700 million shares valued at N1.891 billion, UPDC REIT followed with account of 121.198 million shares valued at N605.595 million, United Bank for Africa exchanged 55.486 million shares cost N1.277 billion,  AccessCorp traded 51.472 million shares worth N833.253 million while Universal insurance exchanged 50.838 million shares cost N19.134 million.