The Nigerian stock market has lost about N28 billion on Wednesday due to sustained selloffs in the local exchange market.
As a result, year-to-date return moderated further as the market index dropped.
NewsBeatng reports that the Nigerian Exchange (NGX) All-Share Index slackened by 51.67 basis points, representing a decrease of 0.10% to close at 49,576.05.
The equities market capitalisation declined by ₦27.87 billion to close at ₦26.74 trillion from ₦26.77 trillion the previous day. However, market activities were up as the total volume and total value traded for the day grew by 23.23 per cent and 97.76 per cent respectively.
The market breadth closed negative, recording 14 gainers and 18 losers. Approximately 197.46 million units valued at ₦2.94 billion were transacted in 3,462 deals.
NewsBeatng reports that COURTVILLE was the most traded stock in terms of volume, accounting for 44.13% of the total volume of trades, followed by ZENITH BANK (9.24%), GTCO (4.80%), CORNERST (4.74%), and STERLNBANK (3.95%) to complete the top 5 on the volume chart.
NESTLE emerged as the most traded stock in value terms, with 55.40% per cent of the total value of trades on the exchange.
REGALINS topped the gainers’ chart with a price appreciation of 8.00 per cent, trailed by ABCTRANS (7.14%), JAPAULGOLD (3.70%), LIVESTOCK (3.60%), HONYFLOUR (3.00%), UNITYBNK (2.28%), and eight others.
Eighteen stocks depreciated, topped by FTNCOCOA with a price depreciation of 9.38% to close at ₦0.29, as CHAMS (-9.09%), AIICO (-3.51%), ZENITHBANK (-2.50%), NGXGROUP (-1.75%), UBA (-1.33%) and INTBREW (-1.01%) also dipped in price.
APT Securities and Funds Limited said market activity as measured by both volume and value of trades improved in the session, with daily traded volume standing at 197.458 million units, representing a 23.22% uptick from a volume of 160.244 million units traded in the previous session.
The value of those traded stocks inched up by 97.76% in the session to stand at N2.943 billion as against a value of N1.488 billion recorded in the previous trading session, stockbrokers said.
The sector performance was negative, as four out of the five major market sectors closed bearish, led by the Banking sector which shed 1.32%.
The Insurance sector which plunged 1.09%, the Consumer goods sector lowered 0.02%, and the Industrial sector fell 0.01%, while the Oil & Gas sector remain unchanged.
