Nigerian stocks reported another loss on Wednesday as the benchmark index toppled 1.48 per cent, with bellwethers – Airtel and Zenith Bank – steering the move to the negative territory.
It marked the third successive day of loss, with the size of trade contracting by as much as 25 per cent, raising fears that the current investor apathy in the market could worsen further.
The banking index was down by 0.62 per cent, the biggest fall of the five sectorial indexes tracked by the bourse. Conversely, the oil and gas index advanced most, adding 7.12 per cent on the strength of one-tenth rise in the value of Nigeria’s biggest energy company by market value, Seplat.
The market recorded a negative breadth, after 26 losers emerged against 23 gainers.
The all-share index diminished by 577.43 basis points to 38,445.09, while market capitalisation depreciated by N301 billion to N20.038 trillion.
Year to date, the index is down 4.53 per cent. TOP FIVE GAINERS
Seplat topped the gainers’ chart, appreciating by 10 per cent to close at N682. MRS garnered 10 per cent to end trade at N12.10. Sterling went up by 9.74 per cent to N1.69. Japaul leapt to N0.57, notching up 9.62 per cent in the process. Regal Insurane completed the top 5, climbing up by 8.82 per cent to N0.37. TOP FIVE LOSERS
Airtel led losers, declining by 10 per cent to close at N837. C&I Leasing shed 10 per cent to end trade at N4.50. BOC Gas fell to N11.03, losing 9.96 per cent. Royal Exchange slumped to N0.75, recording 9.64 per cent depreciation. NNFM closed at N5.60, going down by 8.94 per cent. TOP FIVE TRADES
A total of 153.643 million shares valued at N2.446 billion were traded in 3,494 deals.
UACN led trade with 10.013 million units of its stocks worth N103.441 million traded in 145 trades. Zenith Bank 9.639 million shares priced at N222.847 million exchanged hands in 314 transactions.
Fidelity had 8.745 million shares valued at N19.839 million traded in 88 deals. Transcorp traded 8.708 million shares estimated at N7.774 million in 51 transactions. Access traded 7.714 million shares valued at N63.554 million in 174 deals.