The Nigerian equities market recorded a loss of N83bn at the close of trading on Wednesday after LASACO Assurance Plc, Japaul Oil & Maritime Services Plc and Diamond Bank Plc emerged as the worst-performing stocks, shedding 9.5 per cent, 9.1 per cent and 7.3 per cent, respectively.
The market pared the marginal gain recorded on Tuesday to close at 42,839.49 from 43,073.45 basis points, down by 0.54 per cent, while the year-to-date return stood at 12.1 per cent.
Accordingly, the Nigerian Stock Exchange equities capitalisation dropped to N15.325tn from N15.408tn.
The performance of the market was largely driven by price depreciations in Zenith Bank Plc, Nestle Nigeria Plc and Dangote Sugar Refinery Plc, which dropped accordingly by 1.8 per cent, 1.4 per cent and 4.9 per cent.
The top -traded stocks by volume were Fidelity Bank Plc (45.8 million), Zenith Bank (36.3 million), and FBN Holdings Plc (34.1 million) while the top-traded stocks by value were Nigerian Breweries Plc (N2.4bn), Guaranty Trust Bank Plc (N1.1bn), and Zenith (N1.1bn).
Sector performance was mixed as three of the five major indices closed southwards with the banking index leading the laggards, down 1.5 per cent due to losses in Zenith Bank and Access Bank Plc by 1.8 per cent and 3.5 per cent, respectively.
The consumer goods index followed, shedding 0.8 per cent on account of price depreciations in Nestle and Dangote Sugar by 1.4 per cent and 4.9 per cent, accordingly while the oil/gas index closed in a 0.3 per cent loss owing to decline in Total Nigeria Plc by 1.2 per cent.
The insurance and industrial goods indices were the only gainers, up 0.1 per cent apiece on account of gains in NEM Insurance Nigeria Plc, AXA Mansard Insurance Plc and Dangote Cement Plc by 4.9 per cent, 1.1 per cent and 0.2 per cent, respectively.
“Going forward, we anticipate a rebound in market performance in subsequent trading sessions as investors continue to look for bargain opportunities in previous decliners,” analysts at Afrivest said in a post while responding to the market’s performance.
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