The Nigerian equities ended lower on Wednesday reversing some of the gains of the previous day’s session as the benchmark index lost 0.43 per cent to close at 66,482.28 basis points.
Basically, late sell pressures on MTN Nigeria Communication drove the All Share index of the Nigerian Exchange Limited (NGX) 0.4 per cent lower as the communication giant declined in share value by 3.9 per cent.
Also, the downturn was prompted by waning investors’ sentiments in Wema Bank, NAHCO and Ikeja Hotel their respective share prices trended downward by 10 per cent, 2 per cent and 10 per cent, respectively.
Equities investors, therefore lost N158.01 billion from their overall investment as market capitalization settled lower at N36.39 trillion by the end of the day’s trading activities.
However, as measured by market breadth, market sentiment was positive, as 29 tickers gained relative to 22 losers. Oando and Red Star Express recorded the highest gains of the day having inclined in share value by 9.9 per cent and 9.8 per cent, respectively; while Ikeja Hotel and Wema Bank and topped the losers’ list after its share prices dipped by 10.0 per cent, respectively.
Sectoral performance was varied as two sectors gained as against two that lost while one stayed unchanged. Thus, the Insurance and Consumer goods sectors posted marginal gains of 0.28 per cent and 0.18 per cent, while the Banking and Industrial Goods sectors saw losses by two basis points and one basis point and then the Oil & Gas index remained unchanged.
Meanwhile, market activity remained robust, with an increase in both the total volume and value by 80.48 per cent and 19.38 per cent to 657.52 million units valued at N4.59 billion while the total trades for the day decreased 11.82 per cent to 6,646 deals.
The session’s top trading volume was led by Universal Insurance, with 336.29 million units valued at N80.46 million, involving 55 trades.
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