Domestic equity remains bearish, sheds N673bn

Local equities market experienced a downturn, with the benchmark index slipping by 1.19 per cent  to close at  98121.30 points.

The NGX All Share Index  depreciated by 1190.24 basis points to 98121.30 point from 99311.54 points recorded the previous day.

Market capitalisation of listed equity depreciated by  N673 billion or 1.19 per cent to N55.494 trillion from N56.167 trillion reported on Tuesday.

The poor performance of the market was as result of decline in some medium and capitalised stocks such as FBNHoldings, Oando Plc, Okomuoil, MTN, Fidson, Transcorps Hotel among others.

As a result year to date return went down to 31.22 per cent even as NGX printed losers of 19 companies against 22 gainers.

An analysis of the investment showed that Neimeth international Pharmaceutical,  SUNU Assurance and TIP led gainers table with a gain of 10 per cent each to close at N1.98, N1.21 and N1.98 per share respectively. Cap  followed with a gain of 9.90 per cent to close at N28.85 per unit while UPDC added 9.76 per cent to close at N1.35 per unit