Equity market remains bearish, sheds N3bn

Transactions on the floor of Nigwrian Stock Exchange Wednesday sustained its losing streak as value of equities declined by N3 billion.

Specifically, market capitalisation declined by 0.02 per cent  to N13.001 trillion from N13.004 trillion traded on Tuesday.

The NSE All Share index also went down by 5.74 basis points to 26938.58 points from 26944.32 points traded the previous day.

Investors traded 112.886 million shares worth N1.076 billion in 3041 deals against 189.007 million shares valued at N2.883 billion in 3314 deals.

A review of investment indicated that Unilever Nigeria Plc led gainers table, gaining N0.45 kobo to close at N18.90 kobo, Cement Company of Northern Nigeria followed with a gain of N0.20 kobo to close at N19.20 kobo, May and Baker Nigeria Plc added N0.19 kobo to close at N2.14 kobo, Africa Credential Registrar Plc gained N0.12 kobo to close at N4.2 kobo while NEM Insurance Plc increased by N0.10 kobo to close at 2.00 kobo.

On the contrary, Sterling Bank Plc recorded the highest loss during the day,shedding N0.13 kobo to close at N1.92 kobo, Zenith Bank Plc trailed with a loss of N0.10 kobo to close at N18.70 kobo, United Bank for Africa fell by N0.10 kobo to close at N6.95 kobo, Oando Plc declined by N0.08 kobo to close at N3.62 kobo while Nahco down by N0.07 kobo to close at N2.43 kobo.

The result showed that Zenith Bank Plc was the toast of investors, exchanging 15.859 million shares valued at N296.862 million, FCMB group followed with account of 15.168 million shares valued at N26.986 million, United Bank of Africa traded 12.961 million shares cost N90.664  million, Fidelity Bank sold 7.447 million shares valued at N14.984 million while Guaranty Trust Bank sold 6.086 million shares worth N183.974 million.

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