The Nigerian equities market on Wednesday dropped further by 0.48 per cent on a sustained bearish run for the third consecutive trading session.
The All-Share Index (ASI) fell by 136.68 points or 0.48 per cent to 28,286.08, compared with the 28,422.76 achieved on Tuesday.
Similarly, the market capitalisation shed N51 billion to close at N10.627 trillion, in contrast with the N10.678 trillion posted on Tuesday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are: Forte Oil, Cement Company of Nigeria (CCNN), Dangote Flour Mills, Dangote Cement and Union Bank of Nigeria (UBN).
Analysts at APT Securities and Funds Limited expected “Further moderation of the ASI as foreign investors remain on the sidelines in the absence of major economic triggers. However, this was to be diluted by value investors positioning for long term.”
Meanwhile, analysts at Afrinvest Limited anticipated a possible rebound before close of the week, as investors look out for fundamental stocks with attractive entry prices.
Market breadth was negative with 11 gainers, compared with 17 losers, with Chams recording the highest price gain of 9.09 per cent, to close at 36k per share.
Associated Bus Company followed with a gain of eight per cent, to close at 27k, while Thomas Wyatt Nigeria rose by 7.41 per cent to close at 29k per share.
Veritas Kapital Assurance rose by five per cent to close at 21k, while Mutual Benefits Assurance went up by 4.76 per cent to close at 22k per share.
Conversely, Wapic Insurance led the losers’ chart by 10 per cent, to close at 36k per share.
Forte Oil followed with a decline of 9.87 per cent to close at N31.50, while Champion Breweries declined by 9.79 per cent to close at N1.25 per share.
CCNN declined by 9.15 per cent to close at N13.90, while Courteville Business Solutions went down by 7.69 per cent, to close at 24k per share.
Similarly, the volume of shares traded closed lower with an exchange of 176.74 million shares valued at N2.08 billion traded in 3,294 deals.
This was in contrast with the 200.08 million shares worth N2.78 billion achieved in 3,856 deals on Tuesday.
Access Bank was the most traded 35.76 million shares valued at N241.69 billion.
UACN followed with 21.51 million shares worth N161.38 million, while United Bank for Africa (UBA) sold 18.78 million shares valued at N114.01 million.
Guaranty Trust Bank traded 17.44 million shares valued at N551.13 billion, while Zenith Bank transacted 12.78 million shares worth N255.59 million.