NGX: The equity market closed the red week because investors lost N425BN

The Nigerian equity market closed the red trading week on Friday because investors lost the N425 billion at the close of trade.

This follows a decrease in stock prices such as Linkage Assurance PLC, International Energy Insurance, and Lasaco Assurance PLC, among others, on the trading floor.

The Benchmark All-Share Index (ASI) fell to 144,628.2 points from 145,300.01 points recorded on the previous day.

After five hours of trading in the capital market, the capitalization of equity fell to N91.5 trillion from N91.9 trillion posted by Bourse on Thursday.

Also read: NGX: Investors lost N121BN because the bearish sentiment hit the stock market

The extent of the negative market, with 30 advanced shares, 36 shares declined, and the remaining 80 shares did not change in 32,065 offers.

Mutual benefits of PLC guarantees, Ikeja Hotels PLC, and Wema Bank PLC lead 10%, 9.95%, and 9.90%growth, respectively, in prices closed on N3.85, N22.65, and N22.75 per share, up from the previous N3.50, N20.60, and N20.70 per share.

Linkage Assurance PLC, International Energy Insurance, and Lasaco Assurance PLC leads other price rejections 10% decrease each in stock prices to be closed on N2.43, N3.33, and N4.05 from N2.70, N3.70, and N4.50 per previous share.

In the volume index, Universal Insurance PLC led trade with 308 million shares in 835 offers, followed by AIICO Insurance PLC, which was traded 117 million shares in 2,432 offers.

Director benefits of PLC guarantees traded 102 million shares in 648 agreements.

In the value index, Stock Guaranty Trust Holding (GTCO) which is traded worth N2.0 billion in 1,004 offers, followed by Zenith Bank PLC, which trades equity worth N992 million in 1,023 offers.

First Bank Holding PLC traded shares worth N787 million in 432 agreements.

Babajide Okeowo