Equity loss persists with fresh N14bn

Trading activities again slowed to begin the week in the red territory, yesterday, as the bears maintained dominance, costing equity investors some N14bn.

According to some stockbrokers, the loss, which has recently taken over the market, was partly connected to profit-taking by some investors and, also, to the unsettle climate of some institutions in the banking sector.

It would be recalled that the Central Bank of Nigeria (CBN), recently, said it was focusing its searchlight on some banks, prompting fears that some banks found guilty of any misgivings would be sanctioned.

As the market closed yesterday, the market capitalisation and the All-Share Index lost by 0.14 per cent to close at N9.896trn and 28,813.51 basis point respectively.

Market breadth also closed negative as declining stocks outnumbered gaining ones in the ratio 30 to 16 while 8 other stocks closed flat in terms of their respective share prices.

Market turnover, however, closed positively as traded volume and value appreciated by 17.2 per cent and 50.18 per cent respectively.

Generally, the session closed with investors trading 275.364m shares valued at N3.442bn in 4,865 trades compare with 234.961mn share units worth N2.292bn that exchanged hands on the floor in 4,145 deals previously.