Equity market halts bullish run as investors lose N1.3tr

Investors in the Nigerian equity market lost N1.3 trillion at the close of trading on Monday thereby halting 17 consecutive days of profit taking.

This follows the fall in the prices of shares such as Trans Expr, First HoldCo and UBA, among others, on the stock exchange floor.

The benchmark All-Share Index (ASI) fell to 223,602.29 points from 225,722.49 points on the previous trading day.

After five hours of trading on the capital market, equity capitalization fell to N143.9 trillion from N145.3 trillion recorded by the exchange on Friday.

Market breadth was negative, with 36 stocks rising, 40 declining, and 73 stocks unchanged in 82,838 transactions.

A total of 678,174,325 shares were traded worth N44.1 billion.

Abbey Mortgage Bank, Zichis and Wema Bank led the gainers chart, with share price growth of 9.26%, 8.91% and 8.80 respectively, closing at N5.90, N16.99 and N34.00 per share, up from N5.40, N15.60 and N31.25 per share.

Also read: “An Insult to His Memory”: Family of slain NYSC member rejects army ‘crossfire’ claims, demands probe

Trans Expr, First HoldCo and UBA led the rest of the price declines, with a 10% drop each, closing at N7.11, N67.50 and N49.50 per share, down from N7.90, N75.00 and N55.00 per share respectively.

On the volume index, Zenith Bank led trading with 76 million shares in 8,889 transactions, followed by Wema Bank which traded 49 million shares in 1,934 transactions.

Access Holding traded 39 million shares in 3,167 transactions.

On the value index, Zenith Bank traded shares worth N9.5 billion in 8,889 transactions, followed by MTN Nigeria, which traded equities worth N4.2 billion in 5,566 transactions.

Aradel traded shares worth N3.5 billion in 2,468 transactions.

By: Babajide Okeowo