Bears return as equity market loses N41bn

Investment in the nation’s equity market yesterday returned to negative trend, shedding N41 billion as investors engage in profit booking.

Market capitalisation of listed equities declined by 0.14 per cent to N28.677 trillion from N28.718 trillion traded on Tuesday.

The NGX All Share Index also depreciated by 76.90 basis points to 53193.98 points from 53270.88 points reported the previous day.

Investors traded 248.958 million shares valued at N1.861 billion in 4265 deals against 234.624 million shares worth N2.745 billion in 4232 deals.

A review of the trading activities showed that Caverton led gainers table during the day, increasing by 7.34 per cent to N1.17, FTNCocoa followed with a gain of 5.88 per cent to N0.36, Transnational Corporation of Nigeria gained 5.69 per cent to N1.30, Cutix Plc gained 4.98 per cent to N2.74, Linkage Assurance up by 3.70 per cent to N0.56.

On the contrary, Champion Breweries recorded the highest loss during the day, shedding 9.79 per cent to N3.50, Cornerstone Insurance trailed with a drop of 9.68 per cent to N0.58, Entranzact fell by 9.67 per cent to N2.71, NEM Insurance dipped by 8.33 per cent to N3.85, Japaul Gold down by 6.25 per cent to N0.30.

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