Business
Daar Communications, Guinea Insurance drag equities market down as investors lose N286bn
The Nigerian equities market slipped back to bearish territory on Tuesday, with a ₦286 billion loss for investors at the close of the day’s trading.
This followed the dip in the share prices of stocks like ABCTRANS, DAAR COMMUNICATIONS, and GUINEA INSURANCE amongst others on the trading floor.
After five hours of trading at the capital market, the equity capitalization crashed to ₦66.4 trillion from ₦66.7 trillion recorded by the bourse on Monday.
The benchmark All-Share Index (ASI) dropped to 106,164.64 points from 106,621.91 points recorded the previous day.
The market breadth was positive as 23 stocks advanced and 29 stocks declined, while 71 stocks remained unchanged in 12, 466 deals.
LIVESTOCK, CORNERST, and INTENEGINS led other gainers with 9.93%, 9.25%, and 8.99% growth each in prices to close at N9.85, N3.1,9 and N1.94 from the previous N8.96, N2.92 and N1.78 per share.
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ABCTRANS, DAAR COMMUNICATIONS, and GUINEA INSURANCE led other price decliners with 7.98%, 7.46% and 7.35% dip in share prices to close at N1.50, N0.62 and N0.63 from the previous N1.63, N0.67 and N0.68 per share.
On the volume index, FIDELITY BANK led trading with 29 million shares in 456 deals, followed by ACCESS CORP, which traded 28 million shares in 750 deals.
GTCO traded 28 million shares in 340 deals.
On the value index, GTCO traded stocks worth N1.6 billion in 340 deals, followed by ZENITH BANK, which traded equities worth N1 billion in 850 deals.
ACCESS CORP traded shares valued at N680 million in 750 deals.
By: Babajide Okeowo
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