Stock Market Extends Decline By N2bn

Equity trading on the floor of the Nigerian Stock Exchange on Wednesday witnessed another decline in share prices as bears sustained their grip on the market.

The market breadth also closed negative with 17 gainers against 19 losers.

The All-Share Index dipped 47.65 basis points or 0.18 per cent to close at 25,550.31 as against the 25,597.96 recorded the previous day.

The market capitalisation of equities depreciated by N2bn from N13.35tn the previous day to N13.59tn as market sentiment remained in the negative territory.

Meanwhile, a turnover of 211.82 million shares traded in 3,651 deals was recorded in the day’s trading.

The premium subsector was the most active (measured by turnover volume), with 88.83 million shares exchanged by investors in 1,508 deals.

Volume in the subsector was largely driven by activities in the shares of Access Bank Plc and United Bank for Africa Plc.

Also, the other financial services subsector was boosted by the activities in the shares of FCMB Plc and United Capital Plc, with a turnover of 211.82 million shares in 3,651 deals.

Further analysis of the day’s trading showed that Lafarge Africa Plc topped the day’s gainers’ table with 9.62 per cent to close at N1.14 per share while Berger Paints Plc followed with a gain of 7.44 per cent to close at N6.50 per share.

UBN Plc appreciated by 7.00 per cent to close at N5.35 per share.

On the other hand, Royal Exchange Plc led the losers’ with a drop of 10 per cent to close at 27 kobo per share while NEM Insurance Plc shed 9.78 per cent to close at N2.03 per share.

Cadbury Nigeria Plc declined by 8.39 per cent to close at N7.10 per share.