Nigerian equity market continues downtrend

The Nigerian capital market further declined on Wednesday by 0.07 per cent to close at 52,721.34 points due to profit-taking, making it the third consecutive time in a week.

Specifically, the All-Share Index decreased by 34.28 points or 0.07 per cent to close at 52,721.34 against 52, 756.62 reported on Tuesday.

Accordingly, the year-to-date gain stood at 23.42 per cent.

Also, the market capitalisation shed N19 billion or 0.07 per cent to close at N28.423 trillion from N28.442 trillion recorded at the previous day.

The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which were; First Bank of Nigeria Holdings (FBNH), Zenith Bank Transcorp and Julius Berger.

Market breadth closed negative with 21 gainers compared with 23 losers.

McNichols topped the gainers’ chart in percentage terms with 9.94 per cent to close at N1.77 per share.

Transcorp Hotel followed with 9.84 per cent to close at N5.36 while Champion rose by 3.96 per cent to close at N7.03 per share.

ChiPlc rose by 0.65 per cent to close at N6.56, while Multiverse Mining and Exploration appreciated by 0.22 per cent to close at N45.76 per share.

Conversely, Academy Press led the losers’ chart in percentage terms by 9.93 per cent to close at N1.36 per share.

Julius Berger dropped by 8.86 per cent to close at N7.20.

Neimeth and May Beker followed with a loss of 8.57 per cent and 8.51 per cent each to close at N1.60 and N4.30 respectively.

Also, Wema Bank declined by 7.61 per cent to close at N3.28 per share.

However, the total volume of shares traded declined by 53.77 per cent to 611.97 million shares valued N7.43 billion exchanged in 5, 948 deals.

This was in contrast with a total of 1.32 million shares worth N7.72 billion achieved in 6,449 deals on Tuesday.

Transactions in the shares of FBNH topped the activity chart with 153.43 million shares valued N1.9 billion.

Jaiz Bank sold 116.64 million shares worth N104.48 million, while Guaranty Trust Holding Company (GTCo) accounted for 65.93 million shares valued at N1.58 billion.

First City Monument Bank (FCMB) traded 43.49 million shares worth N152.17 million, while Transcorp transacted 40.73 million shares valued N57.83 million. (NAN)