Nigerian stock market extends losses, sheds 0.04%

The Nigerian Stock Exchange All-Share Index fell marginally by 0.04 per cent to close at 38,706.13 basis points on Wednesday, amid renewed profit-taking.

While market capitalisation moderated by 0.04 per cent to N20.25trn, the year-to-date loss of the ASI rose to -3.88 per cent.

At the close of the day’s trading, investors lost N7.68bn, as 13 stocks appreciated against 12.

Negative sentiment dominated the market as investors sold part of their holdings in banking stocks such as Guaranty Trust Bank, FBN Holdings, Fidelity Bank, and FCMB Group to book profit.

Their share prices contracted by 1.75 per cent, 1.37 per cent, 1.79 per cent and 0.35 per cent respectively.

Three out of the five indices tracked closed in red territory. The banking, insurance and the consumer goods indices fell by 0.42 per cent, 1.03 per cent and 0.02 per cent respectively.

While the industrial index closed flat, the oil and gas index rose by 1.07 per cent.

Meanwhile, trading activity was weak as total deals, volume and value of stocks traded declined.

The total volume of trade was down by 19.68 per cent to 177.39 million units valued at N2.68bn in 4,103 deals.

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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