Equity market sheds N162bn

Transaction on the floor of Nigerian Stock Exchange yesterday continued in a negative trend, declining by N162 billion.

Specifically,Market Capitalisation of listed equities depreciated by 1.28 per cent  to N12.533 trillion from N12.695 trillion reported the previous day

The NSE All Share Index also failed by 210.07 absolute points to 24026.05 points from 24336.12 points reported on Friday.

Investors traded 189.691 million shares valued at N2.784 billion in 4216 deals against 144.312 million shares worth N1.522 billion in 3993 deals.

Operators said that volatility witnessed in the market this period was due to uncertainties surrounding the economy, especially in the second half of the year.

They said that investors played the market with caution on the grounds that the company’s second quarter corporate earnings would be affected by the lockdown. They also said the investors were discouraged about inconsistencies in the government policies. This according to them worsened by the declining prices of crude, rising insecurity among others.

An analysis of the investment for the day showed that Flour Mills Nigeria Plc led gainers table during the day, gaining N0.90 kobo to close at N18.50 kobo, Zenith Bank Plc followed with a gain of N0.80 kobo to close at N16.05 kobo, Nahco gained N0.20 kobo to close at N2.20 kobo, Guaranty Trust Bank added N0.20 kobo to close at N21.00 while PZ Cusson gained N0.10 kobo to close at N4.00.

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