Market sink further with N11.3bn loss

Equities trading on the Nigerian Stock Exchange (NSE) yesterday continued the downward trend from previous trading session.

The All-Share Index (ASI) and the market capitalization both fell 0.13 percent to close at 26,245.34 points and N9.030 trillion, respectively.

The decline compares with the previous session’s depreciation of 0.36 percent, when the ASI and Market Capitalsiation closed at 26,278.20 points, and N9.041 trillion, respectively.

Investors thus parted with N11.3 billion, as the Oil and Gas index posted the highest loss for the day at -0.44 percent, following share price decline recorded in Forte Oil, Mobil and Oando.

The consumer goods index was next with a depreciation of 0.19 percent while the NSE 30 fell 0.16 percent.

The decline recorded so far in the day’s performance remained unabated as 3,522 deals which was recorded during the previous trading session was lessened by 14.4 percent to amount to 3,015 deals traded Wednesday.

Investors also exchanged a total of 394.8 million units of equities, representing a 6.2 percent increase from 371.9 million units recorded in previous session, but value of equities traded for the day dropped 19.6 percent to N1.378 billion from N1.714 billion recorded for Tuesday.

Investors’ appetite diminished further, as market breadth remained negative with 12 gainers to 20 losers. The price movement chart indicated that A.G. Leventis led on the gainers table by 4.76 percent to close at 88 kobo, Cutix followed with an increase of 2.11 percent to close at N1.45, Air Service added 1.92 percent to close at N2.65, Wema Bank grew 1.89 percent to close at 54 kobo, and Continental Reinsurance appreciated 1.82 percent to close at N1.12.

On the other hand, Guinness and Portland Paints led the day’s declining stocks, with 5 percent each to close at N63.65 and N1.71 respectively, Diamond Bank dropped 4.80 percent to close at N1.19, Unilever depreciated 4.29 percent each to close at N33.50 and Transcorp dropped 3.33 percent to close at 87 kobo.

Continental Reinsurance topped the activity chart for the day, with the sale of 149.6 million units of shares worth N164.5 billion. Fidelity Bank followed with 51.6 million shares worth N48.0 million, while UCAP emerged the third most traded stock for the day with 30.2 million shares amounting to N105.5 million. Diamond Bank came fourth having traded 26.1 million units of shares valued at N31.4 million while UBA was fifth with 21.6 million shares worth N109.8 million.