Sell pressure: Stock market extends loss 0.19%

The Nigerian Stock Exchange (NSE) extended losing streak on Wednesday, with a loss of 0.19 per cent, amid sell pressure.

The NSE All-Share Index shed 47.65 points or 0.19 per cent to close at 25,550.31 compared with 25,597.96 recorded on Tuesday.

Similarly, the market capitalisation which opened at N13.354 trillion lost two billion naira to close at N13.352 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Cadbury, Lafarge Africa, NEM Insurance, Zenith Bank and International Breweries.

Market breadth closed negative with 17 gainers against 19 losers.

Royal Exchange led the laggards’ table in percentage terms, dropping by 10 per cent to close at 27k per share.

NEM Insurance came second with 9.78 per cent to close at N2.03, while Cadbury dipped 8.39 per cent to close at N7.10 per share.

Associated Bus Company dropped 8.33 per cent to close at 33k, while Neimeth shed 7.69 per cent to close at N1.80 per share.

On the other hand, Learn Africa led the gainers’ chart in percentage terms, gaining 9.62 per cent to close at N1.14 per share.

Berger Paints garnered 7.44 per cent to close at N6.50, while Union Bank of Nigeria grew by seven per cent to close at N5.35 per share.

Oando increased by 4.44 per cent to close at N2.35, while Lasaco Assurance appreciated by four per cent to close at 26k per share.

Also, the volume of shares traded decreased by 13.59 per cent as investors bought and sold 211.82 million shares worth N2.42 billion in 3,651 deals.

This was in contrast with a turnover of 245.14 million shares valued at N3.01 billion achieved in 3,597 deals on Tuesday.

FCMB Group topped the activity chart with 30.33 million shares worth N62.18 million.

Access Bank followed with 20.97 million shares valued at N139.40 million, while United Bank for Africa sold 18.57 million shares worth N109.65 million.

Zenith Bank accounted for 17.99 million shares worth N306.34 million, while FBN Holdings transacted 13.54 million shares valued at N67.41 million.