Equities market extends bearish trend as investors lose N32bn

By Esther Agbo 

The Nigerian equities market continued its bearish run on Wednesday witj investors losing N32 billion at the close of the day’s trading.

This loss was instigated by a decline in the share value of stocks like CUTIX, JULIUS BERGER, and NAHCO amongst others on the trading floor.

After five hours of trading at the capital market, the equity capitalization crashed to N55.51 trillion from N55.54 trillion by the bourse on Tuesday.

The All-Share Index (ASI) also decreased to 97,774.22 from 97,830.65 recorded the previous trading day.

The market breadth was negative as 27 stocks advanced and 28 declined, while 56 others remained unchanged in 10, 847 deals.

IMG, VERITASKAP, and UPL led other gainers with 10% growth each in share prices to close at N14.30, N0.99, and N2.42 from the previous N13.00, N0.90, and N2.20 per share.

On the flip side, CUTIX, JULIUS BERGER and NAHCO led other price decliners as they shed 10% each to close at N5.13, N13.50, and N35.10 from the initial N5.70, N15.00, and N39.00 per share.

On the volume index, Veritaskap led trading with 45 million shares valued at N44.5 million in 192 deals followed by OANDO which traded 43 million shares valued at N1.11 billion in 1,238 deals. UBA traded 35 million shares valued at N701 million in 783 deals.

On the value index, Fidelity bank recorded the highest value for the day trading stocks worth N14.04 billion in 332 deals followed by ZENITH BANK which traded equities worth N2.03 billion in 685 deals. Meanwhile, Oando traded stocks worth N1.11 billion in 1, 238 deals.