Domestic equity sustains bearish trend, sheds N14bn

The country’s equity market extended its losses on Friday as investors continued profit taking  in some small and medium  stocks, leading to a decline in market capitalisation of N14 billion at the close of trading.

The market capitalisation depreciated by 0.05 per cent  to close at N30.454 trillion from N30.468  trillion when it opened for trading for the day.

The NGX All Share Index also went down by 25.62 basis points to 55930.97 points from 55956.59 traded on Thursday.

The analysis of the trading result on Friday showed that NEM Insurance and Omatex led gainers table during the day, gaining 10 per cent each to close at N6.05 and N0.22 per share respectively.

Gold breweries followed with a gain of 9.88 per cent to close at N0.89 per unit, Chams Plc gained 9.52 per cent to close at N0.43 per share, FTNCocoa increased by 9.41 per cent to close at N0.93 per share.

On the contrary, Conoil Plc topped losers chart in percentage terms, declining 9.95 per cent to close at N71.95 per share, ABC Transport trailed with a drop of 9.30 per cent to N0.39 per unit, Sovereign Trust Insurance down by 9.09 per cent to close at N0.40 per share, SUNU Assurance dipped by 8.51 per cent to close at N0.43 per unit. Courtvellle Business Solutions fell by 8.00 per cent to close at N0.46 per unit.

Volume of trades increased by 42.948 million shares representing 8.08 per cent as market turnover closed with a total of 574.737 million shares valued at N6.085 billion in 6595 deals against 531.784 million shares cost N7.682 billion in 6061 deals.

Transactions in the shares of FCMB group led  activity in the market with 204.812 million shares valued at N941.959 million, AccessCorp followed with account of 40.104 million shares valued at N518.256 million, Japaul Gold traded 37.843 million shares cost N17.928 million, Fidelity Bank traded 33.217 million shares cost N191.177 million, FBNHoldings exchanged 23.815 million shares cost N333.333 million.

UNI Agric Markurdi
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