Equity market loses N183bn as profit taking persists

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Transactions on the floor of Nigerian Exchange (NGX) sustained bearish run, shedding N183 billion as profit booking continued to dominate the market.

Market capitalisation of listed equities declined by 0.64 per cent to N28.451 trillion from N28.634 trillion recorded on Tuesday.

The NGX All Share Index also depreciated by 388.24 basis points to 52775.40 points from 53113.64 reported the previous day.

Investors traded 188.092 million shares valued at N2.363 billion in 4890 deals against 299.994 million shares worth N3.099 billion in 5394 deals.

An analysis of the investment showed that Triple G led gainers table during the day, increasing by 9.20 per cent to N0.95, Learn Africa followed with a gain of 5.49 per cent to N2.50, Unity Bank gained 2.13 per cent to N0.48, AIICO Insurance increased by 1.56 per cent to N0.65, Live Stock Feeds up by 1.33 per cent to N1.52.

On the contrary, Meyer Paint recorded the highest loss during the day, shedding 10.0 per cent to N2.79, Linkage Assurance trailed with a drop of 8.93 per cent to N0.51, Union Bank of Nigeria Plc down by 7.69 per cent to N6.00, International Breweries dipped by 6.12 per cent to N6.90, FBNHoldings down by 5.71 per cent to N9.90.