NGX: Equity market slumps as investors lose N101 billion

The Nigerian equity market stalled its bullish run as investors lost N101 billion at the end of trading on Wednesday.

This follows a plunge in the prices of shares such as Jaiz Bank, Dangote Sugar and Cap among others on the stock exchange floor.

The benchmark All-Share Index (ASI) fell to 196,463.22 points from 196,621.96 points on the previous trading day.

After five hours of trading on the capital market, equity capitalization fell to N126 trillion from N126.1 trillion recorded by the exchange on Tuesday.

Market breadth was negative, with 36 stocks advancing, 38 declining, and 73 stocks unchanged in 71,312 transactions.

A total of 805,250,874 shares were traded worth N38.4 billion.

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Premier Paints, FTG Insure and UACN led the gainers chart, with share price growth of 10%, 9.73% and 7.78% respectively, closing at N12.10, N1.24 and N115.00 per share, up from N11.00, N1.13 and N106.70 per share.

Jaiz Bank, Dangote Sugar and Cap led the rest of the price declines with price drops of 10%, 10% and 9.97% respectively to close at N10.80, N74.70 and N84.85 per share, down from the previous N12.00, N83.00 and N94.25 per share.

On the volume index, Veritas Kapital led trading with 56 million shares in 259 transactions, followed by Jaiz Bank which traded 51 million shares in 4,721 transactions.

Universal Insurance traded 48 million shares in 282 transactions.

On the value index, MTN Nigeria traded shares worth N7 billion in 5,476 transactions, followed by Aradel, which traded equities worth N5.7 billion in 3,429 transactions.

Zenith Bank traded shares worth N4.3 billion in 2,866 transactions.

Babajide Okeowo