INVESTORS LOSE N27.89BN AS STOCK MARKET DROPS FURTHER
Investors in the nation’s equities market lost N27.89bn as the market dropped further on Wednesday. The market closed in the red as the gains recorded in previous trading sessions were offset by losses recorded in Nigerian Breweries Plc, United Bank for Africa Plc and Ecobank Transnational Incorporated.
The market capitalisation of equities listed on the Nigerian Stock Exchange dropped from N11.220tn on Tuesday to N11.192tn on Wednesday, while the All Share Index declined by 0.25 per cent to settle at 30,642.35 basis points.
Twenty-four gainers emerged against 20 losers, which weakened the year-to-date loss to -19.9 per cent and the market breadth to 1.2x from 1.4x on Tuesday. Amid the losses recorded at the market, activity level, however, strengthened as volume and value traded increased by 14.3 per cent and 8.7 per cent to settle at 246.134 million units and N3.694bn, respectively.
The top traded by volume were Zenith Bank Plc, (55.3 million units), FBN Holdings Plc (54.0 million units) and Access Bank Plc (21.0 million units), while Zenith Bank (N1.3bn), Guaranty Trust Bank (N614.4m) and Nigerian Breweries Plc (N483.9m) were the top traded stocks by value.
Performance across sectors was largely bearish as four sectors closed in the red. The Insurance index declined the most, down by 2.04 per cent on the back of losses in AXA Mansard Insurance Plc and Continental Reinsurance Plc.
The Consumer Goods index trailed, losing 0.92 per cent due to losses in Nigerian Breweries and Dangote Sugar Refinery Plc. Similarly, the Oil & Gas index depreciated by 0.24 per cent on the back of losses in 11 Plc and Conoil Plc.
The Banking index shed 0.09 per cent as a result of the profit-taking In Diamond Bank Plc and UBA. On the flip side, the Industrial Goods index was the lone gainer, extending its gaining streak by 0.58 per cent on the back of gains in Dangote Cement Plc and CAP Plc.