Investors in the equities market of the Nigerian Exchange Limited lost N2.44bn on Wednesday, a development analysts attributed to the sell-offs of some banking stocks.
The NGX All-Share Index dropped marginally by 0.01 per cent to close at 39,545.67 basis points from 39,550.36bps recorded on Tuesday.
Investors traded more securities as the trading volume increased by 19.17 per cent from 110.77 million shares in 3,305 deals on Tuesday to 132.01 million shares worth N2.67bn in 3,307 deals on Wednesday.
“The domestic bourse traded marginally lower today as investors’ selling activities in Tier 1 stocks – FBN Holdings Plc (- 0.7 per cent), Access Bank Plc (-1.1 per cent) and Guaranty Trust Holding Company Plc (-0.9 per cent) triggered a one basis point decline in the ASI,” said analysts at Cordros Capital. “
Atlas Portfolios Limited’s analysts noted that bearish sentiments returned to the Nigerian bourse with market performance indicators both dipping marginally by 0.01 per cent.
“A tepid market saw losses printed on the market by price depreciation in banking tickers as bargain hunting intensifies,” they added.
Analysing by sectors, the insurance (-0.87 per cent) index declined while the consumer goods (+0.12) and banking (+0.08 per cent) indices recorded gains.
The industrial goods and oil & gas indices closed at +0.40 per cent each.
Seventeen equities dropped at the end of trading while 19 saw gains in their share prices.
SCOA Nigeria Plc depreciated the most as its share price dropped by 9.66 per cent to N1.59 at the end of trading on the floor of the NGX on Wednesday.
It was followed by Prestige Assurance Plc, which dropped by 8.33 per cent to close at N0.44 per share.
The other top losers were Regency Alliance Insurance Plc (-6.98 per cent), Mutual Benefits Assurance Plc (-5.71 per cent), and Caverton Offshore Support Group Plc (-5.49 per cent).
Atop the gainers’ chart was Pharma-Deko Plc with a 10.00 per cent gain to close at N1.43 per share. It was followed by BOC Gases Plc, which gained 8.33 per cent to close at N10.10 per share.
Honeywell Flour Mills Plc also saw a 9.72 per cent gain while Courtville Business Solutions Plc and Associated Bus Company Plc rose by 8.00 per cent and 6.06 per cent respectively.