Nigerian stock market sheds 0.17% on renewed bearish activity

The Nigerian Stock Exchange All-Share Index fell by 0.17 per cent to close at 20,184.92 on Thursday amid renewed bearish activity.

The market capitalisation also dropped by 0.17 per cent to close at N20.18tn, reversing the gain of previous day (Wednesday).

At the close of trading session, investors lost N34.37bn, while the market printed 29 losers against 14 gainers.

The year-to-date loss of the NSE ASI also worsened to -4.21 per cent.

Sell-offs in mid and large capitalised stocks such as Lafarge Africa, AXA Mansard Insurance, United Bank for Africa and Zenith Bank pulled market indices down, while their share prices moderated by 3.11 per cent, 7.45 per cent, 2.16 per cent and 0.91 per cent respectively.

Of the five indices tracked, three indices, the banking, insurance and industrial indices, contracted by 0.97 per cent, 2.75 per cent and 0.18 per cent respectively.

The consumer goods and oil and gas indices, on the other hand, rose by 0.12 per cent and 0.09 per cent respectively.

Trading activity was mixed as total deals and volume of stocks traded rose, total value of stocks declined.

The total volume of stocks rose by 14.89 per cent to 319.43 million units, valued at N1.78bn in 4,158 deals.