NGX: Equity market continues bearish trend as investors lose N32 billion

Nigeria’s equity market plunge continued on Wednesday as investors lost N32 billion at the close of trading for the day.

This follows the decline in share prices of shares such as CUTIX, JULIUS BERGER, and NAHCO among others on the trading floor.

After five hours of trading in the capital market, equity capitalization plunged to N55.51 trillion from N55.54 trillion by the bourse on Tuesday.

The All Share Index (ASI) also fell to 97,774.22 from 97,830.65 recorded on the previous trading day.

Market breadth was negative as 27 stocks rose and 28 stocks fell, while 56 stocks remained unchanged in 10,847 trades.

IMG, VERITASKAP and UPL led the gainers with their share prices growing by 10% to close at N14.30, N0.99 and N2.42 respectively from N13.00, N0.90 and N2.20 per share respectively.

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On the other hand, CUTIX, JULIUS BERGER and NAHCO led the other price decliners as they each fell by 10% to close at N5.13, N13.50 and N35.10 respectively from opening prices of N5.70, N15.00 and N39.00 per share.

On the volume index, VERITASKAP led the trade with 45 million shares worth N44.5 million in 192 deals followed by OANDO which traded 43 million shares worth N1.11 billion in 1,238 deals.

UBA traded 35 million shares worth N701 million in 783 transactions.

On the value index, FIDELITY BANK recorded the highest value for daily traded equities worth N14.04 billion in 332 transactions followed by ZENITH BANK which traded equities worth N2.03 billion in 685 transactions.

OANDO traded shares worth N1.11 billion in 1,238 deals.

By: Babajide Okeowo

NGX: Equity market continues downward trend as investors lose N32 billion first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.