Local equity opens bearish, sheds N297bn

The local equity market opened on Monday on a bearish note, declining by N297 billion.

Market capitalisation of listed equity depreciated by 0.54 per cent to N55.264 trillion from N55.561 trillion it closed on Friday.

The NGX All Share Index also decreased by 530.50 basis points to 97708.74 points  from 98234.24 traded the previous day.

The negative performance witnessed in the market yesterday was driven by decline in the shares price of United Bank for Africa, AccessCorp, Nigerian Breweries, Seplat Energy,Transacorp, PZ and others that out weigh gain recorded in the stocks such a as  Tanterlizer, Sterling Bank, UPL, Ikeja Hotel, Zenith Bank.

As a result year to date return went down to 30.67 per cent as the NGX printed 19 gainers against 24 losers

An analysis of the investment showed that TIP and Tantalizer led gainers table with 8.70 per cent each to close respectively at N2.50 and N2.50 per share.

Sterling Bank followed with again of 5.38 per cent to close at N4.70 per unit, Ikeja Hotel added 5.37 per cent to close at N7.45 per share, UPL gained 4.65 per cent to close at N2.25 per share.

On the contrary, Seplat Energy recorded the highest loss , dropping by 10 per cent to close at N2962.30 per unit, PZ Cusson trailed with a loss of 9.91 per cent to close at N25.00, Etranzact down by 9.68 per cent to close at N5.60 per unit, Unity Bank dipped by 8.20 per cent to close at N1.60 Kobo per share while Nascon down by 7.50 per cent to close N37.00 per unit.

Volume of activities increased by 94.724 million , representing 27.51 per cent as investors bought 439.100 million shares worth N22.376 billion in 8607 deals against 344.376 million shares cost N7.521 billion  in 8497 deals.

Transactions in the shares of Notore led trading activities with 74.425 million shares valued at N4.651 billion, AccessCorp followed with account of 43.053 million shares cost N749.944 million, Universal insurance traded 38.332 million shares valued at N13.948 million, United Bank for Africa exchanged 37.275 million shares cost N903.087 million while Regal Insurance exchanged 31.275 million shares valued N10.275 million.