Equity market sheds N94bn

The nation’s capital market Tuesday sustained declining profile, shedding N94 billion.

Specifically, market capitalisation of listed equities decreased further by 0.72 per cent  to N12.956 trillion from N13.050 trillion reported the previous day.

The NSE All Share Index fell by 219.47 basis points to 29395.14 points from 29614.61 points traded on Monday.

Investors traded 200.686 million shares valued at N2.886 billion in 4856 deals against 107.438 million worth N1.138 billion exchanged hands in 3067 deals.

Capital market operators said that down ward trend recorded in the recent times was not in isolation over what is happening in the economy. 

According to financial analysts, the the market have been sluggling before and after election as a result of  weak economy and high cost of funds that had led to the prevailing low liquidity in the market.

He explained that the lack of economic direction despite Central Bank of Nigeria (CBN) effort to trigger productivity and continuing selloff to cut loss ahead  of second quarter earnings reporting season which is unpredictable due mixed macroeconomic indices contributed to the depreciation in the prices of stock.

Managing Director, APT securities and Funds Limited, Malam Garba Kurfi said the equity markey  has been down for the last few weeks except last week it close in positive note due to the end of the second quarter month end. 

He said the situation is likely to continue until when second quarter result are out and shows positive results and possible listing of Airtel because of its size. 

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