Stock Market Halts 12-day Gaining Streak, Loses N144bn

The equities market closed on a negative note on Wednesday as investors sold off shares to take profits after a 12-day gaining streak.

The Nigerian Stock Exchange All-Share Index dropped by 275.02 basis points or 0.95 per cent to close at 28,634.35 basis points as against 28,909.37 on Tuesday.

The market capitalisation of equities depreciated by N144bn to close at N14.97tn from N15.11tn as market sentiment returned to the red zone.

Meanwhile, a turnover of 832.88 million shares exchanged in 9,180 deals was recorded in the day’s trading.

The premium subsector was the most active during the day (measured by turnover volume); with 448.83 million shares exchanged by investors in 4,378 deals.

Volume in the subsector was largely driven by activities in the shares of Zenith Bank Plc and FBN Holdings Plc.

The banking subsector of the financial services sector was boosted by activities in the shares of Fidelity Bank Plc and Guaranty Trust Bank Plc, with a turnover of 190.52 million shares in 1,689 deals.

The market breadth closed negative as the number of gainers at the close of trading session was 24 while decliners were 31.

Berger Paints Plc led the gainers’ table with a gain of 9.84 per cent to close at N6.70 per share while Linkage Assurance Plc followed with a gain of 9.76 per cent to close at 45 kobo per share.

Nascon Plc appreciated by 9.59 per cent to close at N12.00 per share.

On the other hand, Unilever Nigeria Plc led the price losers’ table, dropping 9.89 per cent to close at N12.30 per share.

Cornerstone Insurance Plc declined by 9.09 per cent to close at 60 kobo per share while Ecobank Transnational Incorporated lost 8.89 per cent to close at N4.10 per share.