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Equity market records losses, indices down 0.29%

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The equity market recorded a loss of N78 billion or 0.29 per cent on Tuesday as market capitalisation closed at N26.373 trillion compared with N26.451 trillion posted on Friday.

Similarly, the All-Share Index dipped by 144.42 points or 0.29 per cent to close at 48, 879.74 from 49,024.16 recorded on Friday.

Selloffs in Tier-one banks such as Zenith Bank, Access Holding, FBN Holding and Guaranty Trust Holding Company (GTCO) were the primary drivers of the market’s weak performance.

As a result, the year-to-date (YTD) return fell to 14.43 per cent.

Analysts at Vetiva Securities Ltd. said, “We expect another mixed day of trading tomorrow, amid bargain hunting activities across board as investors continue to tread cautiously in the market.”

Overall there were nine gainers and 21 losers, with Multiverse Mining and Exploration leading the gainers’ chart with 9.76 per cent to close at N4.05 per share.

RTBriscoe followed with a rise of 8.82 per cent to close at 37k, while NGX Group gained by 7.5 per cent to close at N21.50 per share.

AIICO Insurance rose by 5.77 per cent to close 55k per share. Africa Prudential appreciated by four per cent to close at N5.20.

Conversely, International Breweries led the losers’ chat with a depreciation of 9.09 per cent to close at N4.50 per share.

Red Star Express declined by 7.83 per cent to close at N2.12, while Sovereign Trust Insurance went down by 7.41 per cent to close at 25k per share.

Japaul Gold and Ventures fell by 7.14 per cent to close at 26k per share.

Also, Consolidated Hallmark Insurance lost by 7.02 per cent to close at 53k per share.

A total of 125.95 million shares valued at N3.07 billion were exchanged in 4.145 deals.

GTCO recorded the highest volume of 17.19 million shares traded worth N1.26 billion.

Zenith Bank followed, having sold 14.39 million shares valued at N283.88million.

United Bank for Africa(UBA) traded 10.67 million shares worth N73.19 million, while NGX Group sold 8.35 million shares amounting to N173.92 million.

Also, Chams sold 6.78 million shares worth 1.87 million.

thisday newspaper

Olawunmi Ashafa

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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