Equities trading on the Nigerian Stock closed on the bearish trend, on Thursday, as the market extended its losing streak for the fourth consecutive trading day, thus depreciating by 1.27 per cent.
Notably, sell-off on Zenith Bank, WAPCO and FBN Holdings largely contributed to the downward turn as the depreciated in price vale by 6.2 per cent, ten per cent and ten per cent respectively.
The market’s worth also shed 1.3 per cent or N232.1 billion to close the market capitalisation at N18.07 trillion. Thus, Month-to-Date loss increased to 1.3 per cent while Year-to-Date gain moderated to 28.8 per cent.
The performance was unimpressive as the Exchange recorded 41 losers as against six gainers at the close of the trading session on Wednesday.
Analysts believed the downturn was in reaction to the sudden spike in T-bills stop rate for 364-day, having moved from 3.2 per cent from 0.15 per cent.
The sectoral performance was also negative, following declines across the Banking,, Insurance, Consumer Goods ), Industrial Goods and Oil & Gas indices.
However, there was a lift in market activity as the total volume of trades increased by 95.7 per cent to 553.95 million units, valued at N6.64 billion, and exchanged in 6,441 deals. Guaranty Trust Bank was the most traded stock by volume and value at 87.02 million units andN2.83 billion, respectively.
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Equities market posts fourth-day loss, investors lose N232.1trn