Equity market resumes from Sallah holiday with N47bn loss

Investors lost about N47bn on Wednesday when the Nigerian Exchange resumed from the two days Eid al-Fitr holiday.

The All-Share Index and market capitalization declined by 0.08 percent to settle at 99,840.95 points and N56.48tn, respectively.

The day’s trading saw a prevalence of bearish activity with the exchange witnessing more decliners (41) than gainers (15).

Among the advancing stocks were University Press, Guinness Nigeria and Champion Breweries which appreciated by 10 percent, 9.96 percent and 9.83 percent to close appreciation of N1.44, 10 percent to close at N2.75, N66.25 and N3.24, respectively

Leading the decliner chart were Caverton Offshore Support Group, which lost 9.62 to close at N1.41, Associated Bus Company lost 9.52 percent to N0.57 and Prestige Assurance Company dipped by 8.37 percent to close N29.00.

The number of deals increased by 35.57 percent to 9,899, while the trading volume rose by 334.91 percent to 138,347,7941 million traded shares.

The trading value on the exchange also surged by 223.02 percent to close at N16.48bn.

Leading in terms of volume, Fidelity Bank traded 1.05 million shares in 466 deals, followed by Nigerian Breweries, which exchanged 60.67 million shares in 293 deals.

At the end of last week, the market capitalization and the All-Share Index appreciated by 0.09 percent to close at N56.53tn and 99,925.29 points, respectively.