Equity market sheds N720bn as bears dominate trading activities

The Nigerian equities market extended its downward trend in yesterday’s trading session, declining by N720 billion as investors sustained profit taking activities.

Market capitalisation of listed equities up by 1.31 per cent to N54.317 trillion from N55.037 trillion reported the previous day.

The NGX All Share Index also depreciated by 1316.87 basis points to 99266.02 points from 100582.89 points recorded on Tuesday.

The equity market dominated by bears as NGX printed five gainers against 52 losers as year to date return stood at 32.80 per cent.

Analysis of the Investment showed that PZ Cusson led gainers table, growing by 10 per cent to close at N29.15 per share Juli Pharmaceutical followed with a gain of 9.93 per cent to close at N3.10 per unit, Mansard Insurance up by 1.53 per cent to close at N5.30 per share Nahco gained 0.69 per cent to close at N29.00, NPF Micro Finance Banks added 0.55 per cent to close at N1.54 per share.

On the contrary, seven companies recorded 10 per cent price depreciation at the close of business on Wednesday.

Sterling Bank, Oando Plc, FCMB group depreciated by 10 per cent to close at N4.14 per cent, N9.90 per cent and 7.20 per cent respectively. Wapic Insurance, Nigeria Breweries, Redstarex and Wema Bank sheds 10 per cent each to close respectively at N31.95 per unit, N30.60, N3.42 and N7.02 per share.

Volume of trades increased by 115.765 million, representing 41.28 per cent as investors traded 396.228 million shares valued at N5.826 billion 10549 deals against 280.463 million shares worth N6.120 billion in 9141 deals.

Transactions in the shares of Transnational Corporation of Nigeria led market activities, exchanging 52.566 million shares valued at N675.580 million, United Bank for Africa followed with account of 39.472 million shares cost N823.932 million, AccessCorp traded 35.291 million shares cost N620.906 million, Zenith Bank traded 30.925 million shares cost N100.439 million, Universal Insurance exchange 23.221 million shares worth N8.111 million.