Stock market sheds N324bn as sell pressure persists

Investors lost N324 billion on Wednesday as persistent sell pressure dragged the equities market into negative territory.

The downturn was primarily driven by losses in Cornerstone Insurance, RT Briscoe, ABC Transport, NGX Group, Mutual Benefits and 36 other stocks.

Specifically, the market capitalisation, which opened at N89.696 trillion, dropped by N324 billion or 0.36 per cent to close at N89.372 trillion.

Similarly, the All-Share Index fell by 0.36 per cent or 512.60 points to close at 141,248.76, compared to 141,761.36 recorded on Tuesday.

Meanwhile, the market breadth also closed negative with 40 losers against 17 gainers.

Cornerstone Insurance and RT Briscoe led the losers’ table by 10 per cent each, closing at N6.39 and N3.06 per share respectively.

ABC Transport followed by 9.80 per cent, settling at N4.51 and NGX Group fell by 9.70 per cent, finishing at N53.55 per share.

Also, Mutual Benefits shed by 9.58 per cent, ending the session at N4.06 per share

Deap Capital Management led the gainers’ table by 4.82 per cent, closing at N1.74 while Legend Internet rose by 4.63 per cent, finishing at N5.65 per share.

Honeywell Flour Mill dipped by 4.17 per cent, settling at N22.50 and Tantalizer dropped by 3.60 per cent, ending the session at N2.59 per share.

Similarly, Africa Prudential gained by 3.13 per cent, closing at N16.50 per share.

Analysis of the market activity revealed increase in market volume and value with a decline in market transactions as 682.9 million shares worth N22.2 billion were traded across 28,695 transactions

This is compared to 605.02 million shares valued at N12.89 billion that was exchanged across 28,845 transactions earlier on Tuesday.

Meanwhile, FCMB Group led the activity chart in volume of 108.5 million shares valued at N1.19 billion.

This marked the third consecutive trading session in the week FCMB Group would be leading the market activity in volume.

Sterling Bank followed with 86.04 million shares worth N688.1 million while Cutix sold 45.8 million shares valued at N155.69 million.

Access Corporation transacted 39.34 million shares worth N1.1 billion and FirstHoldCo traded 35.8 million shares valued at N1.16 billion.