Equities market sustains bearish trend as investors lose N56bn

The Nigerian equities market sustained its bearish trend on Wednesday as investors lost N56 billion at the close of the day’s trading.

This followed the dip in the share prices of stocks like ELLAH LAKES, ABC TRANS and ETERNA amongst others on the trading floor.

After five hours of trading at the capital market, the equity capitalization crashed to N56.02 trillion from N56.07 trillion recorded by the bourse on Tuesday.

The benchmark All-Share Index (ASI) decreased to 97,487.14 points from 97,584.81 recorded the previous trading day.

The market breadth was negative as 15 stocks advanced and 38 stocks declined, while 72 stocks remained unchanged in 8, 582 deals.

LASACO, MECURE and JULIUS BERGER led other gainers with 10percent, 9.47percent, and 9.33percent growth each in share prices to close at N2.53, N9.25, and N164.00 from the previous N2.30, N8.45, and N150.00 per share.

On the flip side, Ellah Lakes, ABC TRANS and Eterna led other price decliners as they shed 9.84percent, 9.63percent, and 8.52percent each to close at N4.40, N1.22 and N24.70 from the initial N4.88, N1.35, and N27.00 per share.

On the volume index, Fidelity Bank led trading with 66 million shares valued at N988 million in 279 deals followed by UBA which traded 38 million shares valued at N1 billion in 758 deals.

Sterling Bank traded 33 million shares valued at N179 million in 156 deals.

On the value index, UBA recorded the highest value for the day trading stocks worth N1 billion in 758 deals followed by Fidelity Bank which traded equities worth N988 million in 279 deals.

Oando traded shares valued at N934 million in 1, 098 deals.