Bears return as equity market sheds N56bn

Transactions on the floor of Nigerian Exchange (NGX) closed in downward trend; declining by N56 billion as bears dominated the market.

The market capitalisation of listed equities depreciated by 0.10 per cent to N56.423 trillion from N56.479 trillion it closed on Thursday.

The NGX All Share Index also declined by 99.89 basis points to 99743.05 points from 99842.94 points reported the previous day.

As a result, the year-to-date return dropped to 33.39 per cent as the stock market recorded more losers against gainers.

An analysis of the investment showed that International Breweries led gainers table with 10 per cent to close at N4.40 per share, Thomas Way followed with a gain of 9.95 per cent to close at N2.10 per share, Chams Plc gained 9.86 per cent to close at N2.34 per share, Champion Breweries added 9.83 per cent to close at N3.91 per unit, JohnHolt increased by 9.66 per cent to close at N2.61 per share.

On the contrary, Multiverse topped losers chart, dropping by 9.68 per cent to close at N11.20 per share, RTBriscoe trailed with a loss of 7.46 per cent to close at N0.62 per unit, SUNU Assurance down by 6.25 per cent to close at N1.20 per share, NEM Insurance sheds 5.95 per cent to close at N7.90 per unit, Fidelity Bank declined by 4.81 per cent to close at 9.90 per unit.

The volume of transactions went down by 681.778 million, representing 52.48 per cent as investors traded 617.222 million shares valued at N11.346 billion in 9273 deals against 1.299 billion shares worth N25.326 billion exchanged hands the previous day in 8364 deals.

Trading activities in the shares of FBNHoldings led market with 207.913 million shares valued at N4.573 billion, GTCO followed with account of 58.553 million shares worth N2.604 billion, Veritas Kapital traded 57.594 million shares valued at N55.200 million, AIICO Insurance sold a total of 46.834 million shares cost N45.166 million, Fidelity Bank traded 38.446 million shares worth N392.168 million.