NSE indices dips further, as investors lose N99.4bn in 3 days

NIGERIA’S stock market has continued on a decline for the third consecutive day as the Nigerian Stock Exchange All Share Index dropped 0.46 per cent to close at 26,418.11 points on Wednesday, while market capitalisation ebbed N42.2 billion to close the day at N9.089 trillion.

Top five traded stocks in the course of the day were Mutual Benefit with 90.2 million units of shares valued at N45.1 million. Oando followed with 51.8 million shares worth N222.9 million while Fidson came third with 49.4 million shares worth N61.2 million.

Champion emerged the day’s fourth most traded stock with 34.6 million shares worth N85.1 million while Sterling Bank came fifth having traded 30.2 million shares amounting to N22.2 million.

Market breadth remained strong as 20 gainers were paired against 16 losers, Glaxosmithkline and Nigeria Police Force Micro finance Bank led the day’s gainers with five per cent each to close at N15.75 and N1.05 per share respectively, while Cement Company of Northern Nigeria rose 4.99 per cent to close at N4.42 per share. Conoil and Nigerian Aviation Handling Company added 4.95 per cent each to close at N35.80 and N2.33 per share respectively.

On the flip side, Forte Oil recorded a 9.74 per cent decline for the fourth consecutive day to lead the day’s decliners, closing at N85.47 per share, Seplat Petroleum followed with a drop of five per cent to close at N370.50 per share. Beta Glass also declined by five per cent to close at N28.88 per share, CAP lost 4.99 per cent to close at N31.60 per share, while ETI declined 4.98 per cent to close at N10.88 per share.

The day’s transactions executed in 3,937 deals, showed investors moved 421.2 million shares, an improvement of 70 per cent when compared with 248 million shares sold previously, while value traded grew by 226 per cent to N10.1 from N3.1 billion traded on Tuesday.