Equity market sustains bearish run, sheds N232bn (2nd)

Transactions on the floor of Nigerian Exchange (NGX) on Friday sustained bearish trend shedding N232 billion following profit taking activities persisted in the market.

Market capitalisation of listed equities declined by 0.65 per cent to N35.402 trillion from N35.634 trillion reported the previous day.

The NGX All Share Index also depreciated by 426.52 basis points to 65056.39 points from 65482.91 points traded on Thursday.

Meanwhile, the nation’s equity market which closed on Monday at N35.539 trillion depreciated by N137 billion, representing 0.38 per cent to close at N35.402 trillion on Friday.

The NGX index also dropped by 211.89 basis points to 65056.39 points from 65268.28 points traded on Monday.

The trading result for the week showed that Cadbury Nigeria Plc which traded at N17 per share on Monday loss N4.55 Kobo, representing a drop of 26.76 per cent to close at N12.45 per share.

An analysis of the investment on Friday indicated that Courtvellle Business Solutions led gainers table, appreciating by 10 per cent to close at N0.66 per share, Abbey Building Society followed with a gain of 8.91 per cent to close at N1.10 per unit, Omatek added 8.89 per cent to close at N0.49 per unit, Regal insurance increased by 8.11 per cent to close at N0.40 per shares, Nascon up by 7.78 per cent to close at N36.00.

On the contrary, Chams Plc and Guinness Nigeria Plc topped losers chart on Friday in percentage terms, shedding 10 per cent to close at N0.99 and N66.50 per shares respectively. JohnHolt trailed with a drop of 9.84 per cent to close at N2.20 per unit, Cadbury Nigeria Plc down by 9.78 per cent to close at N12.45 per unit, Glaxo Smithkline dipped by 9.76 per cent to close at N7.40 per unit.

The volume of trades increased by 49.47 million, representing 9.72 per cent as investors traded 459.770 million shares valued at N5.345 billion in 8051 deals against 509.247 million shares worth N4.795 billion in 8070 deals.

Transactions in the shares of United Bank for Africa (UBA) led market activities with 57.621 million shares valued at N832.313 million, Japaul Gold followed with account of 48.088 million shares cost N45.636 million, AccessCorp traded 44.160 million shares worth N766.948 million, Fidelity Bank traded 37.643 million shares cost N320.715 million while Transnational Corporation of Nigeria exchanged 32.463 million shares valued at N117.252 million.