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Nigerian Stocks Lose 0.12% as Market Corrections Persist

By Dipo Olowookere

The equity market returned to the red territory on Wednesday after closing positive on Tuesday by 0.10 percent.

Business Post reports that the Nigerian Stock Exchange (NSE) depreciated by 0.12 percent today as market corrections continue especially from the bullish run recorded at the beginning of this year on the back of the strong performance in 2017.

At the close of transactions today, the All-Share Index (ASI) declined by 47.05 percent to finish at 40,755.73 points, while the market capitalisation decreased by N17.2 billion to settle at N14.721 trillion.

Despite the loss today, the volume and value of shares transacted by investors increased by 42.34 percent and 42.93 percent respectively.

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A total of 351 million shares exchanged hands on Wednesday in 5,020 deals valued at N4.6 billion against 246.6 million units traded on Tuesday in 4,918 deals worth N3.2 billion.

At the end of trading activities, the Financial Services sector led the activity chart with 274.8 million shares exchanged for N3 billion, while the Consumer Goods followed with 23.8 million equities sold for 741 million.

FBN Holdings dominated trading at the stock market today with a total of 80.1 million shares sold for N1 billion.

It was followed by UBA, which traded 60 million units worth N684.5 million, and Fidelity Bank, which exchanged 40.6 million equities valued at N101.9 million.

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Access Bank sold 32.5 million shares valued at N366.8 million, while Flour Mills transacted 16 million equities worth N538.2 million.

The market breadth finish positive at the close of trades on Wednesday after recording 24 price risers and 22 price fallers.

Nestle Nigeria closed as the biggest price gainer after appreciating by N74.60k to end at N1568.20k per share.

It was trailed by Seplat, which increased by 27.90k to settle at N765 per share, and Forte Oil, which rose by N4.40k to settle at N47.70k per share.

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Presco grew by N3.30k to finish at N69.30k per share, while GlaxoSmithKline went up by 70k to close at N24 per share.

On the other hand, shares of Total Nigeria depreciated by N11.20k at the stock market today to wrap the day at N222.60k per share.

Dangote Cement lost N3 to finish at N245 per share, while FBN Holdings went down by N1.20k to settle at N12.20k per share.

Lafarge declined by 85k to close at N42.40k per share, while Oando shares decreased by 45k to end at N8.70k per share.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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