Equities Market Loses N48bn On Bearish Streak

The Nigerian Equities market resumed yesterday’s session on consolidation of a five-day losing streak with a loss of N48 billion buoyed by declined bargain hunting

Analysts at Afrinvest Limited said that “Given the negative trend in the equities market, we expect the bearish performance in the market to persist but with opportunities for bargain hunting.” Market breadth closed negative, with 15 gainers versus 20 losers. Consolidated Hallmark Insurance and UACN Property Development Company recorded the highest price gain of 10 per cent each, to close at 22 kobo and N1.65, respectively, while Sovereign Trust Insurance followed with a gain 8.70 per cent to close at 25 kobo, per share.

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