NGX: Equity market plunges back into bearish zone as investors lose N599 billion

Investors in the Nigerian capital market lost N599 billion at the close of trading on Wednesday.

This follows the decline in share prices of stocks such as UPL, OANDO, and NASCON among others on the trading floor today.

After five hours of trading in the capital market, equity capitalization plunged to N53.04 trillion from N54.4 trillion recorded by the bourse on Tuesday.

The All Share Index (ASI) also fell to 95,831.51 from 95,895.92 recorded the previous day.

Market breadth was positive as 26 stocks rose and 18 stocks fell, while 70 stocks remained unchanged in 8,813 trades.

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IKEJA HOTEL, RT BRISCOE and CUTIX led other gainers with share price growth of 10%, 9.76% and 9.66% respectively to close at N7.70, N2.25 and N3.18 from N7.00, N2.05 and N2.90 per share previously.

On the other hand, UPL, OANDO and NASCON led the other price decliners as they fell by 9.40%, 8.66% and 8.39% respectively to close at N2.41, N39.55 and N32.20 from initial prices of N2.66, N43.30 and N35.15 per share.

On the volume index, OANDO led the trade with 66 million shares worth N2.6 billion in 1,795 deals followed by GTCO which traded 45 million shares worth N2.08 billion in 309 deals.

CUTIX traded 29 million shares worth N93 million in 410 transactions.

On the value index, OANDO recorded the highest value for daily traded equities worth N2.6 billion in 1,795 transactions followed by GTCO which traded equities worth N2.08 billion in 309 transactions.

ACCESS CORP traded shares worth N312 million in 463 transactions.

By: Babajide Okeowo

NGX: Equity market plunges again as investors lose N599 billion first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.