Equity market sustains downward trend, sheds N269bn

Trading activities on the floor of Nigerian Exchange on Tuesday declined further by N269 billion market capitalization of listed equities went down by 0.48 per cent to N55.554 trillion from N55.823 trillion reported the previous day.

The NGX All Share Index also depreciated by 475.18 basis points to 98228.50 from 98703.68 points recorded the previous day.

The negative performance of the market was driven by decline in share price of some medium and capitalised companies including MTN Nigeria, Dangote Sugar, FBNHoldings, Transcorps, GTCO Plc, Zenith, Nigerian Breweries among others

As result, year to date return went down to 31.37 per cent as the market recorded 15 gainers against 28 losers. 

An analysis of the investment showed that Japaul Gold, Presco Plc and May & Baker led the gainers table, growing by 10 per cent each to close at N2.09 , N291.50 and N6.60 per cent respectively. FTNCocoa followed with a gain of 8.16 per cent to close at N1.59 per share while Wema Bank gained 7.28 per cent to close at N8.10 per share.

On the contrary, Unity Bank recorded the highest loss, shedding 10 per cent to close at N1.62 per share, FBNHoldings trailed with a loss of 9.91 per cent to close at N25.45 per unit, Champion Breweries dipped by 9.78 per cent to close at N3.32 per share, LiveStock Feed down by 9.71 per cent to close at N1.58 per share, Wapic Insurance fell by 9.33 per cent to close at N0.68 per unit.

Volume of transactions increased by 3.937 million, representing 0.93 per cent as investors traded 425.664 million shares valued at N8.348 billion in 9620 deals against 421.727 million shares worth N8.953 billion in 10624 deals.

Transactions in the shares of United Bank for Africa led market activities with 102.232 million shares valued at N2.675 billion, AccessCorp followed with 49.179 million shares cost N878.405 million, Transnational Corporation of Nigeria traded 30.138 million shares worth N394.748 million, Japaul Gold traded 28.753 million shares valued at N59.059 million AIICO Insurance exchanged 22.648 million shares worth N22.778 million.