Equity market sustains downward trend, loses N11bn

Investment in the nation’s equity market yesterday sustained downward trend, shedding N11 billion as sell offs for profit taking linger.

Specifically, market capitalisation of listed equities declined by 0.05 per cent to N20.242 trillion from N20.253 trillion reported the previous day.

The NGX All Share Index also depreciated by 21.16 basis points to 38852.69 points from 38873.85 points traded on Tuesday.

Investors exchanged 155.773 million shares valued at N1.510 billion in 3256 deals against 184.442 million shares cost N2.343 billion shares in 3809 deals.

An analysis of the trading activities during the day showed that Transacorp Hotel recorded the highest gain for the day, gaining 10.00 per cent to N4.95 , Pharma Deko followed with a gain of 9.88 per cent to N1.78, Conoil gained 9.84 per cent to N24.55, Cornerstone Insurance gained 8.16 per cent to N0.53, NEM Insurance up by 5.26 per cent to N2.00.

On the contrary, Veritas Kapital topped losers chart during the day, shedding 8.70 per cent to N0.21 , United Capital trailed with a loss of 5.0 per cent to N8.55, Chams Plc sheds 4.55 per cent to N0.21, Access Bank fell by 3.37 per cent to N8.60 , Japaul Gold declined by 2.13 per cent to N0.40.