Equity market opens week in negative run, sheds N73bn

The domestic equity market on Monday opened on a bearish note declining by N73 billion as bears dominated trading activities during the day.

Market capitalisation of listed equities declined by 0.11 per cent to N67.345 trillion from N67.418 trillion recorded at close of transactions on Friday.

The NGX All Share Index also depreciated by 116.21 basis points to 107937.74 points from 108053.95 points.

The negative performance during the day was fuelled by loss in the shares of Eterna Plc, Transnational Corporation of Nigeria, PZ Cusson, VFD group, GTCO Plc, Cornerstone Insurance, Ikeja Hotel and 19 others.

As a result year to date return declined to 4.87 per cent as 42 companies closed in a negative direction while 26 firms closed in green.

A review of the investment for the day indicated that Nigerian Breweries led the gainers table with 10 per cent, appreciating by N36.30 per unit. Cadbury Nigeria Plc followed with a gain of 9.97 per cent to close at N32.00, TIP gained 9.88 per cent to close at N4.45 per share International General Insurance added 9.87 per cent to close at N2.45 per unit, Enamelware gained9.43 per cent to close at N23.20 per unit.

On the contrary, Learn Africa and Ikeja Hotel topped losers chart, dropping by 10 per cent each to close at N3.87 per cent and N12.60 per unit respectively, Cornerstone Insurance trailed with a loss of 9.80 per cent to close at N3.13 per share, UPDC declined by 9.79 per cent to close at N3.41 per share, VFG group dipped by 9.66 per cent to close at N52.40 per share.

Volume of trades increased by 32.342 million shares worth N12.806 billion in 17095 deals against 478.758 million shares worth N13.906 billion in 15613 deals.

Access Holding Company led market activities with 143.646 million shares valued at N4.030 billion  AIICO Insurance followed with account of 26.614 million shares worth N42.823 million, UPDC exchanged 20.437 million shares cost N76.679 million, Fidelity Bank traded 19.893 million shares valued at N384.079 million, United Bank for Africa traded 17.867 million shares worth N688.207 million.