Activities at the Nigerian Stock Exchange on Wednesday sustained negative trend with the market capitalisation dropping by N158 billion as a result of profit taking.
The News Agency of Nigeria reports that the market capitalisation, which opened at N8.431 trillion, shed N158 billion or 1.87 per cent to close at N8.273 trillion.
Similarly, the All-Share Index lost 458.79 points or 1.87 per cent to close at 24,056.12 against 24,514.91 posted on Tuesday.
The market was hit by major decline recorded by some highly capitalised equities.
NAN reports that Nestle led the losers’ chart with N17 to close at N650 per share.
Dangote Cement dipped N6.17 to close at N139.82, while Guinness declined by N5.38 to close at N115.42 per share.
Unilever followed with a loss of N1.47 to close at N27.98 and Ashaka Cement shed N1 to close at N24 per share.
Market analysts attributed the development to profit taking from previous gains recorded in the market.
They said some foreign investors embarked on profit taking due to developments in the foreign exchange market.
They added that the currency and stock markets had suffered major loss due to persistent slide in crude oil price that led to fall in government revenues and the exit of foreign investors from the local bourse.
On the other hand, Seplat topped the gainers’ table with a growth of N13.06 to close at N274.37 per share.
ETI gained 25k to close at N15, while NAHCO increased by 17k to close at N3.70 per share.
Stanbic IBTC garnered 15k to close at N14.15 and NPF rose by 5k to close at N1.08 per share.
NAN reports that the volume of shares traded closed higher with a total of 335.61 million shares valued N1.95 billion transacted in 2,847 deals.
This was against a turnover of 290.94 million shares worth N2.88 billion traded in 2,934 deals on Tuesday.
Resort Savings was the toast of investors, accounting for 108 million shares valued N54 million traded in three deals.
It was trailed by UBA with 82.76 million shares worth N248.37 million exchanged in 203 deals, while FCMB Group traded 24.92 million shares valued N21.81 million in 121 deals.
GT Bank sold 16.61 million shares worth N269.12 million achieved in 246 deals and Zenith Bank exchanged 15.21 million shares valued N174.24 million in 418 deals.
NAN.
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