The Nigerian equities market on Wednesday extended negative trend with the crucial market indices dropping by 0.59 per cent on profit taking in high capitalised stocks.
Specifically, the All-Share Index lost 177.69 points, representing a decline of 0.59 per cent to close at 29,898.31 against 30,076.00 achieved on Tuesday.
Similarly, the market capitalisation shed N67 billion or 0.59 per cent to close at N11.236 trillion in contrast with N11.303 trillion recorded on Tuesday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are: Nestle Nigeria, Seplat Petroleum Development Company, Mobil Nigeria, Conoil and International Breweries.
Analysts at Cordros Capital Limited said: “In the absence of a positive catalyst, we guide investors to trade cautiously in the short term.
However, stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.”
Meanwhile, market breadth was positive, with 26 gainers in contrast of 14 losers.
Dangote Flour Mills recorded the highest price gain of 9.79 per cent, to close at N12.90 per share.
Further analysis of the gainers’ chart indicates that BOC Gases followed with a gain of 9.76 per cent to close at N4.16, while Fidson Healthcare appreciated by 9.64 per cent to close at N4.55 per share.
Japaul Oil & Maritime Services went up by 9.09 per cent to close at 24k, while Neimeth International Pharmaceuticals rose by 8.93 per cent to close at 61k per share.
On the other hand, Conoil led the losers’ chart by 9.57 per cent, to close at N20.80 per share.
International Breweries followed with a decline of 8.70 per cent to close at N21, while A.G. Leventis depreciated by 7.14 per cent to close at 26k per share.
Oando was down by 5.88 per cent to close at N4.80 and Seplat dropped by 4.39 per cent to close at N545, per share.
Transactions in the shares of Japaul Oil topped the activity chart with 93.3 million shares valued at N20.82 million.
Access Bank followed with a turnover of 27.47 million shares worth N190.68 million, while United Bank for Africa traded 25.89 million shares valued at N180.94 million.
Zenith Bank traded 25.77 million shares worth N543.57 million, while UACN transacted 16.61 million shares valued at N116.13 million.
In all, the volume of shares traded dropped by 3.56 per cent, while the value of shares depreciated by 27.95 per cent.
Consequently, a total of 304.86 million shares, worth N2.63 billion was traded by investors in 3,902 deals.
This was against 316.12 million shares valued at N3.65 billion exchanged in 3,888 deals on Tuesday.