Investors in the nation’s stock market lost N426bn on Wednesday as 37 firms recorded price decline.
The market extended its losing streak to the eighth straight trading session amid negative sentiment.
The All-Share Index of the Nigerian Stock Exchange fell by 1.96 per cent to 40,696.01 basis points while the market capitalisation dropped by N426bn to N21.29tn.
The top five losers at the end of trading on the floor of the NSE were CAP Plc, Sunu Assurances Nigeria Plc, eTranzact International Plc, Fidson Healthcare Plc and Regency Alliance Insurance Plc.
CAP, Sunu Assurances Nigeria, eTranzact International, Fidson Healthcare and Regency Alliance Insurance saw their share prices drop by 10 per cent each to close at N18, N0.81, N2.25, N5.40 and N0.27 respectively.
Thirteen stocks recorded price appreciation, with Niger Insurance Plc, Champion Breweries, Wapic Insurance Plc, Academy Press Plc and Guinness Nigeria Plc emerging the biggest gainers.
Niger Insurance rose by 10 per cent to close at N0.22 per share while Champion Breweries gained 9.82 per cent to close at N3.02 per share.
Wapic Insurance appreciated by 7.41 per cent to N0.58 per share; Academy Press increased by 6.06 per cent to N0.35 per share; while Guinness rose by 4.83 per cent to N20.60 per share.
Analysts at Cordros Capital Limited noted that negative sentiments persisted in the equities market on Wednesday.
They said the NSE ASI was dragged by profit-taking on Dangote Cement (-7.4 per cent) and some banking stocks – Zenith Bank (-3.1 per cent) and United Bank for Africa (-6.9 per cent).
The month-to-date loss increased to -4.1 per cent, while the year-to-date gain moderated to +1.1 per cent.
The analysts said, “The total volume traded increased by 19.9 per cent to 366.86 million units, valued at N5.48bn, and exchanged in 5,718 deals. Zenith Bank was the most traded stock by volume at 43.74 million units, while Guaranty Trust Bank was the most traded stock by value at N1.17bn.
“Sectoral performance was broadly negative, as the industrial goods (-3.7 per cent), banking (-3.4 per cent), insurance (-1.2 per cent) and consumer goods (-0.4 per cent) indices recorded declines. The oil and gas index closed flat.”