The Nigerian equity market continued its downturn for the third consecutive trading session on Wednesday, on the back of losses recorded by FBNH, UBA and ARDOVA.
The All-Share Index (ASI) dipped 0.04% to close at 35,029.82 points and investors lost ₦6.5billion as market capitalisation declined to ₦18.3trillion while YTD return moderated to 30.5%.
The volume of stocks traded dropped 8.0% to 283.1million units, while the value traded increased 4.5% to ₦3.4billion.
The most traded stocks by volume were FBNH (40.8m units), GTBank (32.7 million units) and AIICO (30.1 million units), while GTBank (₦1.1billion), ZENITH (₦698.1 million) and Dangote Cement (₦308.7 million) led by value.
The Insurance index led laggards, down 1.0% due to sell-offs in CORNERSTONE (-3.3%), MANSARD (-0.9%) and AIICO (-0.9%).
Also, the Oil & Gas and Banking indices declined 0.4% and 0.1% respectively following price depreciation in ARDOVA (-8.7%), FBNH (-0.7%) and UBA (-0.6%).
Likewise, losses in CHAMPION (-8.2%) dragged the Consumer Goods index 0.03% lower.
FTNCOCOA (+8.8%), UNIONDAC (+8.0%) and CHAMS (+4.8%) led the gainers while ROYALEX (-8.7%), ARDOVA (-8.7%) and MBENEFIT (-8.3%) led the decliners.
By Dayo Kiladejo
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