Equity market sustains downward trend, dropping N13bn

Equity market sustains downward trend, dropping N13bn

nigeria stock exchange The nation’s equity market has sustained negative trend as anxiety in the political environment continues to mount pressure business activities ahead of 2019 election.
Specifically, Market Capitalisation of listed equities depreciated by N13 billion or 0.09 per cent to N13.249 trillion from N13.261 trillion reported the previous day.
The NSE All Share Index fell by 33.98 basis points to 36299.82 points from 36333.80 traded the previous day.
Investors traded 114.037 million shares worth N730.084 million in 2610 deals against 248.046 million shares valued at N2.245 billion exchanged hands the previous day in 3932 deals.
Capital Operators said that crisis in the political system, especially the drama played at the National Assembly complex on Tuesday has signalled danger on the Nigeria forth coming general election.
They however said that a lot of investors have lost confidence in the market while some are now trading with cautions to ensure that they loss their investment.
An analysis of the investment showed that Redstarex led gainers table during the day, increasing by N0.35 kobo to close at N5.70 kobo, PZ Industries followed with a gain of N0.25 kobo to close at N14.25 kobo, UAC of Nigeria gained N0.20 kobo to close at N13.00, UAC property appreciated by N0.10 kobo to close at N1.80 kobo, NASCON grew by N0.10 kobo to close at N20.00 Total Nigeria Plc on the contrary, recorded the highest loss for the day, dropping by N5.00 to close at N190.00, Oando Plc trailed with a loss of N0.25 kobo to close at N5.45 kobo, Cutix Plc depreciated by N0.25 kobo to close at N4.00, Guaranty Trust Bank down by N0.15 kobo to close at N39.00 while United Bank for Africa declined by N0.10 kobo to close at N9.50 kobo.
The trading result further showed that United Bank for Africa was the most active stock during the day, exchanging 21.385 million shares worth N205.205 million, Sovereign Insurance followed with account of 14.128 million shares valued at N3.403 million.
Transnational Corporation of Nigeria Plc traded 8.366 million shares cost N10.023 million, Zenith International Bank sold 7.856 million shares worth N186.579 million while Regal Insurance traded 5.563 million shares cost N1.339 million.

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