Equities tumble further as investors lose N84.3 billion

 The Nigerian equities market continued southward as lead indicators of the Nigerian Stock Exchange (NSE) dropped 0.85 percent in contrast with 0.25 percent lost in previous session.

The year to date returns turned negative (-0.54 percent) as  NSE All Share Index (ASI) lost 245.34 points to close at 28,488.56 points compared to 71.55 points lost previously to close at  28,733.90 points.

Market capitalisation also dropped by N84.3 billion to close at N9.784 trillion against a loss of N24.6 billion recorded on Monday to close at N9.868 trillion.

Oando Plc, following a profit warning announced on Monday, led the days 26 losers as it dropped 9.70 percent or 64 kobo to close at N5.96 per share, Tiger Branded Consumer Goods Plc fell by 5 percent or 21 kobo to close at N3.99 per share, while Lafarge Wapco Plc lost 5 percent or N3.16 to close at N60.06 per share.

May and Baker Pharmaceuticals Plc also depreciated by 5 percent or 6 kobo to close at N1.14 per share and Livestock Feed Plc dropped 4.90 percent or 5 kobo to close at 97 kobo per share.

Conversely, Skye Bank led the day’s seven gainers for the second consecutive day following a gain of 9.09 percent or 6 kobo to close at 72 kobo per share, AIICO Insurance Plc appreciated by  4.11 percent or 3 kobo to close at 76 kobo per share, while UACN Plc added 1.99 percent or 40 kobo to close at N20.50 per share.

Ikeja Hotel Plc followed with an increase of 1.61 percent or 3 kobo to close at N1.89 per share and Nigerian Breweries Plc gathered 1.47 percent or N1.96 to close at N135.04 per share.

At the end of stock trading for the day, investors traded 242 million shares valued at N1.6 billion in 3,684 deals in contrast to 315.6 million shares worth N1.7 billion exchanged in 3,976 deals on Monday.