Weak sentiments and sell pressure continued on the Nigerian Stock Exchange (NSE) on Wednesday with the indices extending loses for the fifth consecutive trading session, the News Agency of Nigeria (NAN) reports.
Consequently, the key performance indices dropped further by 0.38 per cent due to sell-offs in 22 stocks.
NAN reports that All-Share Index which opened at 24,750.06 lost 95.01 points or 0.38 per cent is to close at 24,655.05.
Accordingly, the Month-to-Date and Year-to-Date losses increased to -2.4 per cent and -8.2 per cent, respectively.
Similarly, the market shed N50 billion or 0.38 per cent to close at N12.861 trillion, compared with N12.911 trillion posted on Tuesday.
The downturn was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Seplat, Guinness, Nigerian Breweries, GlaxoSmithKline and PZ Cussons.
Some of the analysts at Afrinvest Limited told NAN that following three consecutive days of sustained profit taking by investors this week, the possibility of some bargain hunting in subsequent trading sessions cannot be ruled out.
Market sentiment, as measured by market breadth, remained negative with 17 gainers in relative to 22 losers.
PZ Cussons led the losers’ chart in percentage terms, dropping10 per cent, to close at N4.05, per share.
It was trailed by Seplat with a loss of 9.98 per cent to close at N386, while International Breweries lost 9.89 per cent to close at N4.10, per share.
Arbico inched lower by 9.57 per cent to close at N1.89, while Neimeth shed 9.52 per cent to close at N1.14, per share.
On the other hand, Chams drove the gainers’ chart in percentage term, gaining 9.52 per cent, to close at 23k, per share.
Champion Breweries followed with 7.95 per cent to close at 95k, while Unity Bank increased by 7.41 per cent to close at 58k, per share.
AIICO Insurance rose by 6.67 per cent, to close at 96k, while NAHCO appreciated by 5.98 per cent to close at N2.66, per share.
However, the volume of traded rose by 12.68 per cent with an exchange of 189.25 million shares, valued at N1.92 billion achieved in 3,364 deals.
This was against a total of 167.95 million shares worth N1.55 billion recorded in 3,784 deals on Tuesday.
Transactions in the shares of FBN Holdings topped the activity chart with 44.45 million shares valued at N241.09 million.
Zenith Bank came second 21.35 million shares worth N349.38 million, while Access Bank traded 18.87 million shares valued at N124.61 million.
Japaul Oil exchanged 10.84 million shares worth N2.64 million, while United Bank for Africa accounted for 9.69 million shares worth N61.08 million.