Nigeria: Investors’ wealth depletes by N166bn

The local equity market on Tuesday closed lower, shedding N166 billion as bears continued to dominate the trading activities for the day.

Market capitalisation of listed equities declined by 0.25 per cent to N67.179 trillion from N67.345 trillion reported the previous day.

The NGX All Share Index also depreciated by 266.76 basis points to 107670.98 basis points to 107670.98 points from 107937.74 points recorded the previous day.

The negative performance of the market was driven by loss in the shares of UBA, Cadbury Nigeria Plc, Eterna Plc, FBNHoldings, GTCO Plc, Guinness Nigeria Plc, Oando, Zenith, Wapic Insurance Royal Express and 30 other firms.

As a result, year to date return went down to 4.61 per cent as 16 companies closed in green against 40 firms that took negative directions.

An analysis of the investment showed that Conhall Plc led gainers table with 9.76 per cent to close at N3.71 per unit, SUNU Assurance followed with a gain of 9.58 per cent to close at N6.52 per share, Neimeth international Pharmaceutical added 8.77 per cent to close at N3.35 per share, Cornerstone Insurance increased by 7.03 per cent to close at N3.35 per share, Wapic Insurance up 5.88 per cent to close at N2.70 per share.

On the contrary, TIP recorded the highest loss during the day, dropping by 9.89 per cent to close at N4.01 per unit, Union Dicon trailed with a loss of 9.82 per cent to close at N7.35 per unit, UPDC down by 9.09 per cent to close at N3.10 per share, Royal Express declined by 7.07 per cent to close at N0.92 per share.

Volume of trades went down by 102.381 million, representing 20.03 per cent as investors traded 408.917 million valued at N11.261 billion in 14174 deals against 511.100 million shares worth N12.806 billion in 17095 deals.

Transactions in the shares of Access Holding Company led market activities with 54.769 million shares valued at N1.528 billion, United Bank for Africa followed with account of 31.331 million shares worth N1.191 billion, Guinness Nigeria traded 30.285 million shares cost N2.241 billion, Fidelity Bank exchanged 19.930 million shares worth N382.404 million, Zenith Bank traded 15.846 million shares worth N803.257 million.