NGX: Oando, Cutix, Academy drag equity market down as investors lose N80 billion

The downward trend in the Nigerian equity market continued on Wednesday as investors lost N80 billion at the close of trading for the day.

This follows the decline in share prices of stocks such as OANDO, CUTIX, and ACADEMY among others on the trading floor.

After five hours of trading in the capital market, equity capitalization dropped to N55.21 trillion from N55.29 trillion recorded by the bourse on Tuesday.

The All Share Index (ASI) also fell to 97,248.82 from 97,390.01 recorded the previous day.

Market breadth was negative as 22 stocks rose and 24 stocks fell, while 68 stocks remained unchanged in 8,365 trades.

GUINEAINS, SFSREIT and RTBRISCOE led the other gainers with their shares rising by 10%, 9.96% and 9.87% respectively to close at N0.44, N111.50 and N1.67 from N0.40, N101.40 and N1.52 per share respectively.

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On the other hand, OANDO, CUTIX and ACADEMY led the other price decliners as they fell by 9.95%, 9.92% and 8.70% respectively to close at N36.20, N5.36 and N2.73 from opening prices of N40.20, N5.95 and N2.99 per share.

On the volume index, VERITASKAP led the trade with 38 million shares worth N48 million in 220 deals followed by GTCO which traded 36 million shares worth N1.6 billion in 331 deals.

UNIVINSURE traded 23 million shares worth N7 million in 49 transactions.

On the value index, GTCO recorded the highest value for daily traded equities worth N1.6 billion in 331 transactions followed by OANDO which traded equities worth N805 million in 1,033 transactions.

FBNH traded shares worth N454 million in 241 transactions.

By: Babajide Okeowo

NGX: Oando, Cutix, Academy drag equity markets down as investors lose N80 billion first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.