Equity market sustains bearish run, sheds N113bn

The domestic equity market yesterday sustained bearish run as Nigerian Exchange (NGX)  declined by 215.18 basis points to close at 42247.98 points from 42463.16 points reported on Wednesday. Investors negative sentiment on UPDC persist yesterday, leading to another loss of 9.09 per cent on the share price.

Market capitalisation of listed equities also depreciated further by N113 billion or 0.51 per cent to N22.044 trillion from N22.157 trillion reported the previous day. Investors traded 324.019 million shares valued at N5.294 billion in 4706 deals against 335.480 million shares valued at N4.552 billion in 3891 deals.

A review of the investment showed that Meyer Paint led gainers table during the day, appreciating by 10.00 per cent to N0.02, NEM Insurance followed with a gain of 7.33 per cent t0 N0.14, Royal Exchange gained 5.88 per cent to N0.03, Japaul Gold and Ventures increased by 4.76 per cent to N0.01.

On the contrary, BOC Gas topped losers chart, dropping by 10 per cent to N9.45, UDPC trailed with a loss of 9.09 per cent to N0.90, Trans Express fell by 8.99 per cent to N0.81, Living Trust Mortgage Bank dipped by 8.33 per cent to N0.88, Mansard Insurance dropped by 7.89 per cent to N2.10