Equity market on declining trend, sheds N50 bn

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NSE: Market capitalization down by N87bn on sell pressure

COMFORT EKELEME

Investment in the nation’s equity market Wednesday sustained negative trend, shedding N50 billion as investors continued with profit taking and sell off in the market.

Specifically, Market Capitalization of listed equities declined further by 0.39 per cent to N12.861 trillion from N12.911 trillion reported Tuesday.

The NSE All Share Index (ASI) also depreciated by 95.01 basis points to 24655.05 points from 24750.06 points reported the previous day.

Investors traded  189.253 million shares worth N1.917 billion in 3364 deals against 167.949 million shares valued at N1.548 billion in 3784 deals.

A review of the transactions during the day showed that Zenith Bank Plc led gainers chart, increasing by N0.15 kobo to close at N16.40 kobo, Nahco followed with a gain of N0.15 kobo to close at N2.66 kobo, Caverton gained N0.09 kobo to close at N1.99 kobo, Champion Breweries added N0.07 kobo to close at N0.95 kobo, AIICO Insurance gained N0.06 kobo to close at N0.96 kobo.

On the contrary, Seplat Petroleum Development company topped losers chart, dropping by N42.80 kobo to close at N386.00, Guinness Nigeria Plc trailed with a loss of N1.50 kobo to close at N15.00, Nigerian Breweries down by N1.30 kobo to close at N34.70 kobo, Glaxo Smith down by N0.60 kobo to close at N5.85 kobo while PZ Cusson dipped by N0.45 kobo to close at N4.05 kobo.

The result further showed that FBNHoldings Plc was the most active stock during the day, trading 44.445 million shares valued at N241.094 million, Zenith Bank Plc followed with account of 21.345 million shares cost N349.374 million, Access Bank sold a total of 18.872 million shares valued at N124.611 million, Japaul Oil traded 10.837 million shares worth N2.643 million while United Bank for Africa (UBA) exchanged 9.693 million shares valued at N61.079 million.

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