IMG, Guinea Insurance, Updcreit, others drag the Equity Market Down N445BN

The Nigerian equity market continued the flip-flop movement because investors lost the N445 billion at the close of trade on Wednesday.

This follows the decline in stock prices such as IMG, Guinea Insurance, and Updcreit, among others, on the trading floor.

After five hours of trading in the capital market, the capitalization of equity fell to ₦ 65.2 trillion from ₦ 65.7 trillion posted by the exchange recorded on Tuesday.

The Benchmark All-Share Index (ASI) decreased to 103,851.88 points from 104,580.44 points recorded on the previous day.

The extent of the positive market because 25 shares advanced, 20 shares declined, and 75 shares remained unchanged in 12,141 offers.

Abbey Mortgage Bank, Sovereign Trust Insurance, and NGX Group led other returns with 9.99%, 7.69%, and growth of 7.30%each in the price closed at N8.15, N0.98 and N33.80 from N7.41, N0.91 and N31.50 per previous share.

Also read: Equity Market Opens Weeks with Losses ₦ 658 Billion When Tumble Stocks

IMG, Guinea Insurance and Updcreit lead other price determination with 10%, 9.52% and 8.20% of stock price reductions to N34.20, N0.57 and N5.60 from N38.00, N0.63 and N6.10 stocks.

On the volume index, Access Corp led trade with 68 million shares in 1,437 agreements, followed by GTCO, which was traded 36 million shares in 703 offers.

FCMB trades 28 million shares in 332 agreements.

In the value index, Gruine trades shares that collect N5.1 billion in 69 agreements, followed by GTCO, who trading equity worth N2.1 billion in 703 offers.

Access Corp traded shares worth N1.4 billion in 1,437 offers.

By: Babajide Okeowo

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