Investors lose N672bn as equities market tumbles again

Investors in the Nigerian equities market ended the week with a N672 billion loss as the market tumbled again on Friday.

This followed the dip in the market capitalisation to N54.03 trillion from N54.70 trillion posted by the bourse on Thursday.

Similarly, the All-Share Index (ASI) decreased to 98,751.98 from 99,980.30 recorded the previous day.

The market breadth also closed positive as 46 stocks advanced, eight declined, while 65 others remained unchanged in 9, 168 deals.

The Initiate and FTN Cocoa Processors led other gainers with 10% growth each to close at N1.98 and N1.65 from the previous N1.80 and N1.50 per share.

Juli, Champion Breweries, Transcorp, and PZ Cussons also posted 9.97%, 9.94 percent, 9.93 percent, and 9.93  percent gain in share price respectively.

BUA Cement and Conoil led other price decliners as they shed 10 percent each off their share prices to close at N135.00 and N90.90 from the previous N150.00 and N101.00 per share.

MTN Nigeria Communications, Thomas Wyatt, and Sovereign Trust Insurance with 9.96 percent, 9.78 percent, and 6.52 percent drop in share price completed the list of losers in today’s trading.

On the volume index, Transcorp traded 56.398 million shares valued at N783 million in 676 deals followed by Access Bank Holding with 31.759 million shares worth N667 million traded by shareholders in 577 deals.

Fidelity Bank traded 28.061 million shares valued at N297.5 million in 367 deals.

Zenith Bank traded stocks worth N913 million in 562 deals followed by GTCO with equities worth N839 million in 359 deals.

Transcorp traded stocks N792 million in 690 deals.