NGX: Equities market recovery short-lived as investors lose N9bn

Investors in the Nigerian stock market lost N9 billion at the close of trading on Friday.

This came just 24 hours after investors at the capital market smiled home with N26 billion at the close of the day’s business.

Friday’s loss followed the crash in the value of Regency Alliance Insurance, Sovereign Trust Insurance, Unity Bank and Japaul Gold stocks at the end of trading.

Similarly, the NGX-All-Share Index (ASI) decreased to 98,152.91 from 98,169.30 recorded at the close of the previous trading day.

After five hours of trading at the capital market, the equity capitalization decreased to N55.51 trillion from N55.52 trillion posted by the bourse on Thursday.

The market breadth was negative as 18 stocks advanced, 19 declined, while 82 others remained unchanged in 6,582 deals.

Stanbic IBTC Holdings, NGX Group and First Bank of Nigeria Holdings (FBNH) led other gainers with 10% growth in share price to close at N49.50, N23.10 and N20.35 from the previous N45.00, N21.00 and N18.50 per share.

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Livestock Feeds, Vitafoam Nigeria, and African Prudential also grew their share prices by 9.93%, 9.91%, and 9.84% respectively.

On the flip side, Sovereign Trust Insurance led other price decliners as it shed 10% off its share price to close at N0.36 from the previous N0.40 per share.

Regency Assurance, Unity Bank, and Japaul Gold Ventures equally shed their share prices by 9.76%, 7.65%, and 6.83% respectively.

United Bank for Africa (UBA) traded 42.352 million shares valued at N980.01 million in 655 deals followed by Access Holdings which traded about 28.553 million shares worth N473.1 million in 578 deals.

The Initiate traded 26.546 million shares valued at N48.01 million in 48 deals.

On the value index, UBA recorded the highest value for the day trading stocks worth N900 million in 655 deals followed by Zenith Bank which traded equities worth N788 million in 557 deals.

GTCO traded stocks worth N592 million in 406 deals.

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