Equity market sustains bearish run, sheds N58bn

Trading activities on the floor of Nigerian Exchange (NGX) yesterday sustained negative trend, shedding N58 billion as the market continue to witnessed sell-offs of shares by local investors.

Operators said that while some investors are selling off their shares for profit booking, others are selling to reposition in the dividend paying stocks ahead of the close of the company register.

Meanwhile, market capitalisation of listed equities declined by 0.23 per cent to N25.413 trillion from N25.471 trillion reported the previous day.

The NGX All Share Index also depreciated by 108.26 basis points to 47154.35 points from 47262.61 traded on Monday.

Investors traded 754.933 million shares valued at N3.637 billion in 4330 deals against 291.881 million shares cost N2.855 billion in 4792 deals.

Niger Insurance led gainers table during the day, appreciating by 9.52 per cent to N0.23, Chi Plc followed with a gain of 8.47 per cent to N0.64, Cutix Plc added 8.30 per cent to N2.48, NGX group added 6.97 per cent to N22.25, UPDC increased by 5.56 per cent to N0.95.