NGX: CWG, Academy among worst-hit firms as investors lose N50 billion

Investors in the Nigerian capital market lost N50 billion at the close of trading on Wednesday.

This follows a decline in the prices of shares such as CWG, NNFM, and ACADEMY among others on the trading floor.

After five hours of trading in the capital market, equity capitalization declined to N55.5 trillion from N55.6 trillion recorded by the bourse the previous day.

The benchmark All-Share Index (ASI) fell to 96,715.04 from 96,802.80.

Market breadth was positive as 30 stocks advanced and 25 stocks declined, while 59 stocks remained unchanged in 9,546 trades.

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CAVERTON, REDSTAREX and UPDC led the other gainers with share price growth of 9.95%, 9.69% and 9.63% respectively to close at N2.10, N3.85 and N1.48 from N1.91, N3.51 and N1.35 per share previously.

On the other hand, CWG, NNFM and ACADEMY led the other price decliners as they dropped by 10%, 9.94% and 9.93% respectively to close at N5.40, N43.50 and N2.63 from opening prices of N6.00, N48.30 and N2.92 per share.

On the volume index, Jaiz Bank led the trading with 237 million shares worth N545 million in 73 deals followed by UBA which traded 39 million shares worth N956 million in 487 deals.

ACCESS CORP traded 28 million shares worth N520 million in 457 transactions.

On the value index, OANDO recorded the highest value for daily traded equities worth N2.4 billion in 1,409 transactions followed by UBA which traded equities worth N956 million in 487 transactions.

ZENITH BANK traded shares worth N700 million in 511 deals.

By: Babajide Okeowo

NGX: CWG, Academy among biggest losers as investors lose N50 billion first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.