Equity market sustains bearish trend, sheds N37bn

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The nation ‘s equity market declined on Thursday due to negative sentiment, dropping by N37 billion amid investors profit taking in some small and medium stocks.

Market capitalisation of listed equities declined by  0.12 per cent to N30.468 trillion from N30.505 trillion reported the previous day.

Also, the NGX All Share Index  depreciated by 67.93 basis points to close at 55956.59 points from 56024.52 points reported on Wednesday.

The NGX trading result showed that   five top gainers during the day appreciated by 10 per cent as ETranzact and NSL Tech gained 10 per cent each to close at N4.84 and N0.33 per share respectively.

Also Unity Bank Plc, Japaul and Sovereign Trust Insurance added 10 per cent each, closing at N0.66 per cent, N0.44 and N0.44 per share respectively.

On the contrary, JohnHolt recorded the highest loss during the day, declining by 9.68 per cent to N1.40 per share, Caverton trailed with a loss of 7.14 per cent to close at N1.30 per share, Wapic Insurance dipped by 6.52 per cent to close at N0.43 per unit, Gloxosmith Kline down by 5.30 per cent to close at N7.15 per share, Stanbic IBTC sheds 3.02 per cent to close at N45.00.

Volume of trades during the day increased by  134.160 million, representing an increase of 33.74 per cent as Investors traded 521.784 million shares valued at N7.682 billion in 6061 deals against 397.624 million shares worth N6.537 billion in 5613 deals.

Transactions in the shares of United Bank for Africa led activity chart during the day, exchanging 177.475 million shares valued at N1.724 billion , NPF Micro Finance Bank followed with account of 51.802 million shares valued at N93.274 billion, AccessCorp traded 32.102 million shares valued at N412.986 million, Zenith Bank Plc sold a total.og 30.823 million shares cost N863.314 million while Dangote Sugar traded 19.302 million shares valued at N407.969 million.