After several days of positive trading, the Nigerian equity market plunged back into bearish territory on Wednesday as investors lost N176 billion at the close of trading.
This follows a decline in the prices of shares such as Neimeth, Tantalizers and MTN Nigeria, among others, on the trading floor.
After five hours of trading in the capital market, equity capitalization plunged to N55.2 trillion from N55.4 trillion recorded by the bourse on Tuesday.
The All Share Index (ASI) also fell to 96,203.65 from 96,510.13 recorded the previous day.
Market breadth was positive as 34 stocks rose and 14 stocks fell, while 69 stocks remained unchanged in 10,148 trades.
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IMG, Chams and Oando led other gainers with share prices growing by 10%, 9.95% and 9.94% respectively to close at N26.40, N2.32 and N63.60 from N24.00, N2.11 and N57.85 per share respectively.
On the other hand, Neimeth, Tantalizers and MTNN led the other price decliners as they fell by 9.09%, 8.64% and 7.91% respectively to close at N2.00, N0.74 and N184.00 from initial prices of N2.20, N0.81 and N199.80 per share.
On the volume index, UNIVINSURE led the trade with 52 million shares worth N187 million in 135 deals followed by JAPAUL GOLD which traded 51 million shares worth N145 million in 595 deals.
PRESTIGE traded 35 million shares worth N195 million in 86 transactions.
On the value index, OANDO recorded the highest value for daily traded equities worth N620 million in 306 transactions followed by ACCESS CORP which traded equities worth N356 million in 456 transactions.
ZENITH BANK traded shares worth N351 million in 369 deals.
NGX: Bears return to equity market as investors lose N176 billion first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.
