Negative sentiments: Investors stake N2.4bn on 228m shares

Negative market sentiment on Wednesday drove investments lower as N2.4 billion was staked on 228 million shares by investors in 2,958 deals.

The decreased turnover was in contrast to 444.5 million shares valued at N3.6 billion in 3336 deals traded on Monday.

The Oil and Gas Index was the only sector which closed higher with growth of 1.01 percent on account of a 3.09 percent increase in share price of Seplat Petroleum Development Company.

The Banking index and the Consumer Goods index closed 1.18 and 1.27 percent lower than previous figures. The decline was triggered by sale receded in Zenith Bank, FBN, Diamond Bank Guinness amongst others.

Market capitalization settled at N8.715 trillion following a loss of N50.5 billion as market breadth closed with 8 gaining stocks against 19 stocks that declined. Vitafoam emerged the day’s highest gainer with a growth of 4.65 percent to close at N1.80, NPF Microfinance Bank was next with 4.46 percent increase to close at N1.17 while Seplat added 3.09 percent to close at N400.

In contrast to the day’s top three gainers, Cadbury emerged the highest loser for the day with a loss of 8.77 percent to close at N7.80 per share, Guinness lost 4.96 percent to close at N62.11 while FCMB dropped 4.88 percent to close at N1.17 per share

Zenith Bank was the most actively traded stock with 81.7 million shares valued at N1.2 billion, UBA followed with 27.3 million shares at N135.8 million, United Capital was next with 22.6 million units with total value at N78.7 million, NEM Insurance was the day’s fourth most traded stock with 16.6 million shares at N13.4 million while Guaranty traded 12.7 million shares worth N312.7 million.