Domestic equity sheds N1.113trn  

Trading activities on the floor of Nigerian Exchange (NGX) on Tuesday sustained a bearish run, declining by N1.113 trillion.

Market capitalisation of listed equities went down by 1.93 per cent to N56.447 trillion from N57.560 trillion reported the previous day.

The NGX All Share Index also depreciated by 1968.78 basis points to 99,808.34 points from 101777.12 points recorded the previous day.

The market’s negative performance was primarily driven by profit taking activities in top stocks such as Dangote Sugar, Zenith Bank, GTCO Plc, FBNHoldings, AccessCorp, Flour Mills Nigeria Plc among others.

As a result year to date return settled at 31.48 per cent. The market, which predominantly influenced by bearish activity, recorded 50 losers compared with seven gainers.

A review of the Investment showed that Morrison Industry led gainers table with 9.96 per cent to close at N3.09 per unit, Thomas Way followed with a gain of 8.63 per cent to close at N2.14 per unit, Universal insurance added 5.56 per cent to close at N0.38 per share, Omatek gained 3.80 per cent to close at N0.82 per share while NSL Tech up by 3.45 per cent to close at N0.60 per unit.

On the contrary, The NGX trading result showed that five listed companies declined by 10 per cent at the close of transactions on Tuesday.

Ellahlakes and Japaul Gold shed 10 per cent to close at N3.15 and N1.80 per share respectively, Vitafoam Nigeria Plc, Fidelity Bank and Cornerstone Insurance went down by 10 per cent to close respectively by N18.90, N8.19 and N1.71 per share.

Volume of activities increased by 77.25 million, representing 23.65 per cent as investors traded 403.889 million shares valued at N8.381 billion in 10170 deals against 326.639 million shares worth N7.169 billion exchanged hands the previous day in 10777 deals.

Transactions in the shares of AccessCorp led market activities with 62.927 million shares valued at N1.074 billion, GTCO Plc followed with account of 47.382 million shares cost N1.741 billion, United Bank for Africa exchanged 45.631 million shares worth N1.055 billion, Zenith Bank traded 41.360 million shares valued at N1.495 billion while Fidelity Bank sold a total of 23.138 million shares valued at N189.362 million.