NGX: Oando, Cutix, Academy drag equities market down as investors lose N80bn

The bearish trend in the Nigerian equities market continued unabated on Wednesday as investors lost N80 billion at the close of the day’s trading.

This followed the dip in the share prices of stocks like OANDO, CUTIX, and ACADEMY amongst others on the trading floor.

After five hours of trading at the capital market, the equity capitalization dropped to N55.21 trillion from N55.29 trillion recorded by the bourse on Tuesday.

The All-Share Index (ASI) also decreased to 97,248.82 from 97,390.01 recorded the previous day.

The market breadth was negative as 22 stocks advanced and 24 declined, while 68 others remained unchanged in 8,365 deals.

GUINEAINS, SFSREIT, and RTBRISCOE led other gainers with 10% 9.96%, and 9.87% each in share prices to close at N0.44, N111.50, and N1.67 from the previous N0.40, N101.40, and N1.52 per share.

READ ALSO: Investors lose N268bn as bears maintain grip in Nigeria’s stock market

On the flip side, OANDO, CUTIX, and ACADEMY led other price decliners as they shed 9.95%, 9.92%, and 8.70% each to close at N36.20, N5.36, and N2.73 from the initial N40.20, N5.95, and N2.99 per share.

On the volume index, VERITASKAP led trading with 38 million shares valued at N48 million in 220 deals followed by GTCO which traded 36 million shares valued at N1.6 billion in 331 deals.

UNIVINSURE traded 23 million shares valued at N7 million in 49 deals.

On the value index, GTCO recorded the highest value for the day trading stocks worth N1.6 billion in 331 deals followed by OANDO which traded equities worth N805 million in 1,033 deals.

FBNH traded shares valued at N454 million in 241 deals.

By: Babajide Okeowo

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