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IMG, GUINEA INSURANCE, UPDCREIT, others drag equities market down by N445bn
The Nigerian equities market continued its flip-flop movement as investors lost N445 billion at the close of trading on Wednesday.
This followed a dip in the share prices of stocks like IMG, GUINEA INSURANCE, and UPDCREIT amongst others on the trading floor.
After five hours of trading at the capital market, the equity capitalization crashed to ₦65.2 trillion from ₦65.7 trillion posted by the bourse recorded on Tuesday.
The benchmark All-Share Index (ASI) decreased to 103,851.88 points from 104,580.44 points recorded the previous day.
The market breadth was positive as 25 stocks advanced, 20 stocks declined, and 75 stocks remained unchanged in 12,141 deals.
ABBEY MORTGAGE BANK, SOVEREIGN TRUST INSURANCE, and NGX GROUP led other gainers with 9.99%, 7.69%, and 7.30% growth each in prices to close at N8.15, N0.98 and N33.80 from the previous N7.41, N0.91 and N31.50 per share.
READ ALSO: Equities market opens week with massive ₦658bn loss as stocks tumble
IMG, GUINEA INSURANCE and UPDCREIT led other price decliners with 10%, 9.52% and 8.20% dip in share prices to close at N34.20, N0.57 and N5.60 from the previous N38.00, N0.63 and N6.10 per share.
On the volume index, ACCESS CORP led trading with 68 million shares in 1,437 deals, followed by GTCO, which traded 36 million shares in 703 deals.
FCMB traded 28 million shares in 332 deals.
On the value index, GEREGU traded stocks gathering N5.1 billion in 69 deals, followed by GTCO, which traded equities worth N2.1 billion in 703 deals.
ACCESS CORP traded shares valued at N1.4 billion in 1,437 deals.
By: Babajide Okeowo
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