Equities shed N12bn as investors push shares worth N7.83bn

By Omobayo Azeez

Amidst continue risk off sentiment by investors, the domestic equities market on Tuesday shed N12 billion as investors traded 694.02 million shares valued at N7.827 billion in 2,780 deals.

With recorded declined in the market, the All-share index (ASI), which is the benchmark instrument tracking upward and downward flow of share prices, shed 33.25 points to close at 26,356.83 basis points.

Consequently, the Month-to-date and Year-to-Date (YTD) returns of the marked worsened to -0.31 per cent and -16.11 per cent respectively.

Market capitalization, inevitably followed trend to close lower at N12.835 trillion following the N12 billion loss it recorded at the end of the session.

Nevertheless, turnover for the session increased as total volume of trade climbed by 182.29 per cent to 694.02 million, valued at NGN7.83 billion and exchanged in 2,780 deals. Zenith Bank was the most traded stock by volume and value at 357.22 million units and NGN6.18 billion respectively.

Although, sector performances were mixed, as the industrial goods and banking indices gained 0.19 and 0.03 per cent respectively, while the consumer goods and insurance indices depreciated by 0.03 per cent and 0.32 per cent respectively; and the oil and gas index closed flat.

Market sentiment, as measured by market breadth, was negative as 12 tickers recorded declines relative to 11 gainers.

In order of appearance however, Stanbic gained N0.75 to close at N37, CCNN and Cutix trailed with No.15 and N0.13 gain to close at N16 and N1.44 while UACN and Access followed with N.10 and N0.05 gain to close at N6.5 and N7.35 respectively.

On the flip side, MTNN led decliners with N1 loss to close at N129 and ETERNA followed with N0.30 loss to close at N2.89. Cadbury, MayBaker and Dangote Cement shed N0.25, N0.19 and N0.10 to close at N9.60, N2 and N145.90 per share respectively.