Nigerian stock market continues downward trend as investors count loses

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Nigeria’s stock market continued its bearish run on Wednesday as key performance indices declined by 0.44 percent.

This is the case as the Nigerian Exchange Ltd. (NGX) market capitalisation dropped by N289 billion, or 0.44 percent, to N66.653 trillion from N66.942 trillion recorded on Tuesday.

Also, the All-Share Index fell by 468 points, closing at 106,436.48, compared to 106,904.25 recorded at the previous session.


Market breadth ended negative, with 43 losers and 12 gainers.

On the losers’ table, Caverton Offshore Support Group declined by 10 percent to close at N2.52, while Consolidated Hallmark Insurance fell by 9.87 percent to N3.56 per share.

Eterna also dropped by 9.66 percent to N34.15 per share.

FTN Cocoa Processors lost 9.52 percent to close at N1.52, and Linkage Assurance declined by 9.09 percent to N1.20 per share.

On the gainers’ chart, Tantalizer increased by 9.64 percent to close at N2.16 per share, while Union Homes Real Estate Investment rose by 8.84 percent to N52.95 per share.

Champion Breweries also gained 7.69 percent, closing at N4.20 per share.

Additionally, Computer Warehouse Group advanced by 5.70 percent to N8.35, and DEAP Capital Management and Trust increased by 5.56 percent to N0.95 per share.

A total of 389.57 million shares worth N11.309 billion were exchanged across 11,423 transactions, compared to 395.47 million shares worth N8.76 billion traded across 13,967 transactions previously recorded.

In terms of activity, Fidelity Bank led the volume chart with 47.925 million shares worth N803 million, followed by Access Corporation with 35.602 million shares valued at N853 million.

United Bank for Africa traded 29.052 million shares worth N1.019 billion, while Jaiz Bank transacted 27.019 million shares valued at N89.723 million.

Zenith Bank also recorded a total of 21.648 million shares traded, amounting to N1.021 billion.