Market dips further, investors lose N216bn

The equity market on Wednesday closed bearish, recording a loss of N216 billion.

Selloffs in stocks such as Universal Insurance, ABC Transport, Livingtrust Mortgage Bank, Chellaram, Royal Exchange and 34 other declining stocks drove the market into negative territory.

The market capitalisation of listed equities dropped by N216 billion, or 0.23 per cent, from N92.218 trillion to close at N92.002 trillion.

Similarly, the All-Share Index (ASI) declined by 0.23 per cent, shedding 340.50 points to close at 144,646.01 compared to 144,986.51 on Tuesday.

As a result, the year-to-date (YTD) return dropped to 40.53 per cent.

Also, the market breadth closed negative with 39 losers and 17 gainers.

Universal Insurance led the losers’ chart by 10 per cent, closing at N1.17, ABC Transport trailed by 9.95 per cent, settling at N3.44 while Livingtrust Mortgage Bank lost at 9.92 per cent, closing at N3.36 per share.

Chellaram dipped by 9.85 per cent, finishing at N14.65 and Royal Exchange fell by 9.76 per cent, ending the session at N1.85 per share.

Conversely, FG162049S2 led the gainers’ chart by 10.53 per cent, settling at N105, NCR Nigeria followed by 9.85 per cent, finishing at N34 and Caverton Offshore grew by 9.71 per cent, closing at N5.65 per share.

UAC of Nigeria gained by 8.33 per cent, ending the session at N68.30 while Mutual Benefits Assurance rose by 7.69 per cent, closing at N3.64 per share.

Market activity revealed decline in the deals and value with an increase in the volume as 892.5 million shares worth N23.5 billion were exchanged across 20,225 transactions.

This is in contrast to 381.23 million shares valued at N16.7 billion that was traded in 21,827 deals earlier.

Access Corporation closed with the highest volume and value, with 488.36 million shares traded, valued at N10.57 billion.