Bullish Party Over as Stock Market Drops Further
A total sum of ₦38 billion was knocked off from the equities segment of the Nigerian Stock Exchange Wednesday.
The local bourse extended its losing streak for the third consecutive amidst profit takings in some bellwether stocks, including banking sector stocks.
Following the renewed bearish moves, market capitalisation dipped to ₦13.263 trillion as against N13.301 trillion on Tuesday.
Then, the NSE All-Share Index declined 72.41 points or 0.28% to close at 25,424.91 points.
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Specifically, the decline came due to loses recorded in large and medium capitalised stocks including Okomu Oil, Unilever, Zenith Bank, C&I Leasing and UACN.
On the losers chart, Royal Exchange led with 10% drop from its opening share price which closed at 27k per share.
Livestock Feeds followed the losers’ chart closely as its share dropped 9.09% to close at 60k per share, while C&I Leasing lost 8.97% to close at N3.55 per share.
Mutual Benefits Assurance and UACN lost 4.76% each, to close at 20k and N6 per share, respectively.
Conversely, Fidson led the gainers’ chart in percentage terms, gaining 7.28% to close at N3.98 per share.
PZ Cussons followed with 6.25% to close at N4.25, while Custodian Investment appreciated by 3.13 % to close at N4.95 per share.
FCMB Group improved by 2.73% to close at N2.26, while John Holt appreciated by 1.82%, to close at 56k per share.
However, the volume of shares traded rose by 7.01% with a turnover of 269.63 million shares worth N2.872 billion traded in 4,155 deals.
This was against a total of 251.96 million shares valued at N2.04 billion exchanged in 4,185 deals on Tuesday.
Zenith Bank topped the activity chart with 35.84 million shares worth N592.13 million.
FBN Holdings followed with 33.44 million shares valued at N166.94 million, while United Bank for Africa accounted for 29.78 million shares worth N182.62 million.
Guaranty Trust Bank traded 24.89 million shares valued at N605.14 million, while Access Bank transacted 19.17 million shares worth N126.33 million.
Bullish Party Over as Stock Market Drops Further
