Equity market sheds N39bn

Investment in the Nigerian Stock Exchange on Monday opened the  week in negative trend, shedding N39 billion.

The decline in equities according to  capital market operators was triggered by profit taking embarked upon by investors.

They pointed out that the Central Bank of Nigeria decision to adjust the Cash Reserve Requirements by 500 basis points to 27.5 per cent from 22.50 per cent which reduces excess liquidity from banking system would have impact on the equity market.

Specifically market capitalisation of listed equities declined by  0.26 per cent to N15.222 trillion from N15.261 trillion reported on Friday.

The Nigerian Stock Exchange All Share Index also declined by 75.85 basis points to 29552.99 points from 29628.84 reported previously.

Investors traded 444.037 million shares worth N3.349 billion in 4306 deals against 184.558 million shares valued at N3.514 billion exchanged hands the previous day in 3852 deals.

An analysis of the trading activities during the day showed that Okomu Oil  Palm Plc  led gainers table, appreciating by N2.00 to close at N68.00, Nigerian Breweries followed with a gain of N2.00 to close at N54.00, Vitafoam Nigeria Plc increased by N0.30 kobo to close at N5.30 kobo, Nahco added N0.24 kobo to close at N2.69 kobo while NPF Microfinance Bank Plc grew by N0.11 kobo to close at N1.24 kobo.

On the contrary, Unilever Nigeria Plc recorded the highest loss during the day, shedding N1.75 kobo to close at N15.80 kobo, Julius Berger trailed with a loss of N1.35 kobo to close at N20.15 kobo, Zenith Bank Plc fell by N0.50 kobo to close at N21.45 kobo, FBNHoldings down by N0.30 kobo to close at N7.00 while Eterna Oil dipped by N0.30 kobo to close at N2.85 kobo.

The result further showed that Varitas Kapital Plc was the most active stock during the day,  exchanging 226.561 million share valued at N45.312 million, Zenith Bank followed with account of 45.448 million shares worth N988.961 million, Guaranty Trust Bank traded 26.667 million shares cost N856.165 million, United Bank for Africa sold a total of 17.358 million shares valued at N146.496 million while FCMB group exchanged 16.855 million shares valued at N33.022 million.

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