Bears return as equity market sheds N66bn

Transactions on the floor of Nigerian Exchange (NGX) yesterday returned to bearish trend, shedding N66 billion.

The NGX daily trading result showed that market capitalisation of listed equities decreased by 0.26 per cent to N25.524 trllion from N25.590 trillion recorded the previous day. The NGX All Share Index also depreciated by 121.94 basis points to 47360.79 points from 47582.73 points reported on Tuesday.

Investors traded 279.953 million shares valued at N4.164 billion in 5620 deals against 370.543 million shares cost N7.853 billion in 6045 deals.

An analysis of the investment showed that Royal Exchange led gainers table during the day, gaining 10 per cent to N1.65, Seplat Energy Plc followed with a gain of 9.33 per cent to N1034 , Multiverse gained 9.09 per cent to N0.24, NEM Insurance also appreciated by 8.38 per cent to N4.14, FCMB group gained 8.13 per cent to N3.46.

On the contrary,

Niger Insurance Plc recorded the highest loss during the day, dropping by 10 per cent to N0.27, International Breweries trailed with a drop of 9.73 per cent to N9.73, RTBriscoe fell by 9.09 per cent to N0.70, NGX group dipped by 8.70 per cent to N23.10, Cornerstone Insurance down by 8.57 per cent to N0.64.

The result further indicated that.