Nigerian equity market dips 0.04%

The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria November 9, 2016. REUTERS/Afolabi Sotunde

The Nigerian market was unable to sustain the previous day’s gain as it declined 0.04% on Wednesday on the back of sell-offs in NCR, NEIMETH and VITAFOAM.

The dip caused the benchmark index to drop to 38,706.13 points as the and market capitalisation reduced by ₦7.7billon to ₦20.3trillion and the year-to-date return worsened to -3.9%.

The volume and value of equities that investors exchanged lowered by 19.7% and 38.4% respectively to 177.4 million units and ₦2.7 billion.

GUARANTY (34.2 million units), ZENITH (28.5 million units) and UBA (17.7 million units) while GUARANTY (₦957.8m), ZENITH (₦572.1m) and SEPLAT (₦265.6m) led by value.

The Oil and Gas index was up 1.7% driven by gains in OANDO (+9.7%) and SEPLAT (+0.9%), while the Insurance, Banking and Consumer Goods indices lost by 1.0%, 0.4% and 0.02% respectively following sell-offs in MANSARD (-5.1%) and GUARANTY (-1.8%) and VITAFOAM (-5.2%).

WAPIC (+10.0%), SFSREIT (+9.9%) and OANDO (+9.7%) were the top gainers while NCR (-9.7%), NEIMETH (-9.1%) and VITAFOAM (-5.2%) were the top losers.

Felix Oloyede

Felix Oloyede is a Mass Communication graduate with 19 years experience in journalism. He has worked with TheWeek Magazine; Mirror Newspapers; West Africa BusinessNews and BusinessHallmark Newspaper. Oloyede has covered different news beats ranging from crime; arts; politics; commerce and industries to finance and economy. He is an alumnus of Bloomberg Media Initiative Africa. He has also attended different trainings on Media Communication at the Lagos Business School. He is an alumnus of Bloomberg Media Initiative Africa. He has also attended different trainings on Media Communication at the Lagos Business School.