NIGERIAN equities continued on the downward trend yesterday as increased selloffs across the sectors pushed the overall market to a net loss of N112 billion. With the decline yesterday, quoted equities have lost N265 billion in the past two trading sessions.

Key indices at the Nigerian stock Exchange (NSE) showed a considerable slowdown with declines in most share prices and the momentum of activities. Average decline stood at 0.84 per cent yesterday, pushing the average decline so far this month to -1.97 per cent. With this, average –year-to-date return worsened to -13.82 per cent.

The All Share Index (ASI)- the common value-based index that tracks share prices at the NSE, declined from its opening index of 27,314.87 points to close at 27,085.69 points. Aggregate market value of all quoted equities also dropped from its opening value of N13.297 trillion to close at N13.185 trillion.

Total turnover dropped by 13.98 per cent to 151.20 million shares valued at N2.52 billion in 2,895 deals.  Banking stocks dominated activities chart with Nigeria’s largest financial institution, Guaranty Trust Bank, leading with a turnover of 44.62 million shares valued at N1.24 billion. FBN Holdings followed with a turnover of 17.38 million shares worth N93.68 million while Fidelity Bank placed third with a turnover of 11.22 million shares worth N19.06 million.

With 18 decliners to 12 advancers, most sectoral indices also closed in the negative. The NSE Consumer Goods Index led with average decline of 5.42 per cent. The N SE Insurance Index dropped by 0.35 per cent while the NSE Oil & Gas Index slipped by 0.09 per cent. However, the NSE Banking Index appreciated by 0.16 per cent while the NSE Industrial Goods Index rose by 0.79 per cent.

“We believe the bearish momentum would be sustained in subsequent sessions as investors maintain a risk-off approach towards equities,” Afrinvest Securities stated.

NSE’s highest-priced stock, Nestle Nigeria, led the decliners with a drop of N139.40 to close at N1,255.50. Beta Glass followed with a loss of N5.95 to close at N53.80. Unilever Nigeria dropped by N2.05 to close at N24.65. Guinness Nigeria lost N1.10 to close at N32.90. UAC of Nigeria and Dangote Sugar Refinery dropped by 25 kobo each to close at N6,75 and N10.55 respectively. Dangote Cement dropped by 20 kobo to close at N151. Zenith Bank lost 15 kobo to close at N18.25 while Access Bank and FBN Holdings slipped by 10 kobo each to close at N7.30 and N5.40 respectively.

On the positive side, Nigerian Breweries led the advancers with a gain of N1.35 to close at N50.35. 11 followed with a gain of N1 to close at N140.

Cement Company of Northern Nigeria rallied by 90 kobo to close at N16.40. Ecobank Transnational Incorporated added 60 kobo to close at N7.85. Flour Mills of Nigeria rose by 40 kobo to close at N15 while Caverton Offshore Support Group rose by 20 kobo to close at N2.60 per share.