Equity market sustains bearish run, sheds N518bn

Transactions in the local equity market, on Friday, remained on bearish trend shedding N518 billion as depreciation in the share price of Dangote Cement, Oando Plc and others impacted on the market activities

Market capitalisation of listed equities declined by 1.4 per cent to N36.847 trillion from N37.365 billion reported on Thursday

The NGX All Share Index also depreciated by 936.55 basis points to 67324.59 points from 68271.14 points traded the previous day.

The market which closed on Monday at N37.149 trillion depreciated by N302 or 0.81 per cent to close at N36.847 trillion on Friday while the NGX All Share Index also went down by 552.58 basis points from 67877.17 points reported on Monday to 67324.59 it closed for the week.

An analysis of the investment showed that

NEM Insurance led gainers table during the day, gaining 10 per cent to close at N5.50 per share, Lasaco Insurance followed with a gain of 9.68 per cent to close at N2.04 per share, Cornerstones Insurance increased by 9.60 per cent to close at N1.37 per share, SUNU Assurance added 9.38 per cent to close at N1.05 per unit, Daar Communication gained 8.70 per cent to close at N0.25 per unit.

On the contrary, Oando Plc topped losers’ chart, dropping by 9.89 per cent to close at N11.85 per unit, Dangote Cement trailed with a loss of 8.49 per cent to close at N334.00, Ikeja Hotel fell by 8.09 per cent to close at N2.50 per unit, Mcnichols fell by 7.14 per cent to close at N0.65 per unit, Tantalizer dipped by 6.25 per cent to close at N0.30 per unit.

Investors traded 1.0286 billion shares valued at N4.354 billion in 6370 deals 1.125 billion shares cost N5.818 billion in 7949 deals.

Transactions in the shares of Universal insurance led market activities with 670.232 million valued at N134.335 million, Sterling Bank followed with account of 65.167 million shares valued at N234.110 million, Oando Plc traded 60.088 million shares cost N719.978 million, AccessCorp exchanged 33.005 million shares cost N561.452 million, United Bank for Africa traded 24.711 million shares cost N427.857 million.

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