Equity market sheds N47bn

Trading activities on the floor of Nigerian Exchange (NGX) yesterday sustained declining trend, shedding N47 billion as investors trade with caution to avert impact of Russian and Ukraine war.

Market capitalisation of listed equities dropped by 0.2 per cent to N25.514 trillion from N25.561 trillion reported the previous day.

The NGX All Share Index also depreciated by 87.81 basis points to 47340.86 points from 47428.67 points reported the previous day.

Investors traded 183.255 million shares valued at N2.476 billion in 3779 deals against 1.280 billion shares worth N7.918 billion in 4735 deals.

Capital market analysts said that investors are having fear of the impact of Ukraine and Russia conflict, as the global economy is expected to slow down and this is likely to influence decision of Centra banks of the world monetary policy that may have impact on the market positively or negatively.

At this point, there is need to have sector rotation and portfolio repositioning to protect capital and consistent growth.

On the strength of companies impressive earnings and changing market conditions, the analyst encouraged players to invest or trade in stocks in the strong group and sectors to play the defense or safe heaven.

A review of the investment showed that Veritas Kapital led gainers table during the day, increasing by 4.76 per cent to N0.22, Chams Plc followed with a gain of 4.55 per cent to N0.23, Eterna Plc added 4.17 per cent to N5.25, Unilever Nigeria Plc gained 3.85 per cent to N13.50, Royal Exchange increased by 3.67 per cent to N1.13