Local equity market dips by N9bn

The nation’s equity market on Friday closed in a bearish run, halting the bullish momentum as the NGX All-Share Index sheds 16.39 basis points, reaching 98152.91 points compared to the previous session of 98,169.30 points.

Market capitalisation of listed equities also depreciated by N9 billion to close at 0.12 per cent to N55.511 trillion from N55.520 trillion recorded on Thursday

The trading result showed that loss recorded in the shares of Cadbury Nigeria Plc, GTBank, Nigerian Breweries, Zenith Bank, FCMB and others drove the market’ in negative session outweighed gain recorded in the shares of FBNHoldings, NGX group, Stanbic IBTC Livestock Feeds.

As a result, the year-to-date (YTD) return went down to 31.27 per cent as the NGX printed 18 gainers against 19 losers.

An analysis of the Investment showed that

FBNHoldings, NGX group and Stanbic IBTC led gainers table with 10 per cent each to close at N30.35, N23.10 and N23.10 per share respectively.Livestocks Feeds followed with a gain of 9.93 per cent to close at N1.66 per unit, Vitafoam Nigeria Plc gained 9.91 per cent to close at N18.85 per share.

On the contrary, Sovereign Trust Insurance recorded the highest loss due Ng the day shedding 10 per cent to close at N0.36 per unit, Regal Insurance followed with a drop of 9.76 per cent to close at N0.37 per cent, Unity Bank up by 7.65 per cent to close at N1.69 per unit, Japaul Gold dipped by 6.83 per cent to close at N1.91 per share while Wema Bank fell by 6.73 per cent to close at N18.85 per share.

Volume of transactions also declined by 32.136 million, representing 10.81 per cent as investors traded 265.066 million shares valued at N5.022 billion in 6582 deals against 297.202 million shares valued at N6.516 billion exchanged hands the previous day in 7417 deals.

Transactions in the shares of United Bank for Africa led market activities with 42.350 million shares valued at N980.010 million, AccessCorp followed with account of 28.553 million shares worth 28.553 million shares valued at N473.107 million, TIP traded 26.545 million shares cost N48.015 million, Zenith Bank exchanged 23.935 million shares worth N788.666 million, GTCO Plc traded 16.584 million shares valued at N592.202 million.