Investors lose N22.33bn as sell pressure continues

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Story by Kayode Tokede

Investors on equities market lost N22billion on Tuesday over profit-taking on mid-large capitalized stocks on the Nigerian Stock Exchange (NSE).

The market capitalization dropped by N22 billion to N trillion on Tuesday from N13.027 trillion it opened for trading from N13.005 trillion.

Consequently, the NSE All-Share Index (ASI) depreciated by -0.17per cent to close at 26,944.32 basis points from 26,990.59 basis points it closed on Monday.

Similarly, the market breadth closed in favour of bears with 13gainers and 19losers. However, Indices closed marginally positive save for NSE insurance owing to Law Union that deprecated by 8.45 per cent, NEM Insurance also dipped by  five per entand CORNEST Insurance that  rose by 4.11 per cent; NSE Industry owing to WAPCO Insurance Plc that rose by 1.07 per cent leaving NSE ASeM flat.

Activity in the equities market dwindled as Volume of trades dipped by 23.33per cet to a present close of 189million units of shares as against 246million units in previous trading session. Value on the other hand rose by 18.33per cent, it recorded N2.88billon at the close of today as against 2.44billion naira recorded previously.

Okomu Oil plc topped the gainers’ chart today alongside Etranzact plc, Royalex, Wapic and Jaiz Bank.

On the other hand, Ikeja hotel lead the losers’ chart, trailed by Champion, Lawunion, Chams and Guiness.

In order of appearance Access, Guaranty Trust Bank plc(GTBank), Zenith Bank, UBA And Fidelity bank ended the trading session as top performers in terms of volume, while GTBank, Zenith Bank, Access, NB and Dangote Cement  made up the top five performers in terms of value of units traded.

At the close of today’s trading session, The NASD-OTC market characterized by over the counter transaction recorded a depth from six stocks with a total volume of 507,528units worth 31.03million naira in 17deals.

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