The Nigerian stock exchange extended its bearish streak on Wednesday with
investors recording a loss of N758 billion.
Data from the Nigerian stock market shows that the market capitalisation
declined by N758 billion, or 0.49 per cent, to N154.445 trillion from N155.203
trillion recorded on Tuesday.
Profit-taking in large- and mid-capitalised stocks, including Geregu, Okomu
Oil, Red Star Express, Consolidated Hallmark Holdings, International Energy
Insurance and 46 other equities, dragged the market into negative territory.
Market capitalisation declined by N758 billion, or 0.49 per cent, to N154.445
trillion from N155.203 trillion recorded on Tuesday.
Similarly, the All-Share Index (ASI) shed 1,182.08 points, representing a 0.49
per cent decline, to close at 240,802.72, compared with 241,984.80 in the
previous session.
This weakened the market’s Year-to-Date (YTD) return to 54.74 per cent.
The market breadth also closed negatively with 51 losers against 13 gainers.
Meanwhile, the losers’ chart was led by Geregu, dropping by 10 per cent,
closing at N1,019.30.
Okomu Oil trailed by 9.97 per cent, finishing at N1,418 while Red Star Express
shed by 9.95 per cent, ending the session at N27.60 per share.
Also, Consolidated Hallmark declined by 9.91 per cent, settling at N7.82 and
International Energy Insurance dipped by 9.90 per cent, closing at N5.19 per
share.
Conversely, Neimeth Pharmaceuticals led the gainers’ chart by 9.47 per cent,
settling at N9.25.
Cornerstone Insurance followed by 9.26 per cent, ending the session at N5.90
while VFD Group grew by 7.96 per cent, finishing at N10.85 per share.
Mc Nichols increased by 7.14 per cent, closing at N7.50 and Sunu Assurances
soared by 3.91 per cent, settling at N3.72 per share.
Market activity improved during the trading session, with total volume traded
rising by 23.79 per cent to 662.96 million shares valued at N39.98 billion across
51,143 transactions.
Access Corporation emerged as the most traded stock by volume, with 130.26
million shares exchanged, representing 19.65 per cent of the total volume
traded.
MTN Nigeria led the value chart, recording transactions worth N8.19 billion,
which accounted for 20.48 per cent of the day’s total market value.