The Nigerian Exchange witnessed a continued downturn on Wednesday, as bearish sentiments dominated buying and selling for the third consecutive day.
The All Share Index declined by 0.20 per cent, closing at 97,199.60 factors, down from the day past’s 97,390.01 factors. This brings the year-to-date acquire to 31.37 per cent, the month-to-date efficiency to a destructive 0.54 per cent, and the week-to-date to a destructive 1.42 per cent.
The market capitalization fell to N55.188tn, reflecting a lack of N108bn in comparison with the earlier buying and selling session.
A complete of 315.3m shares have been exchanged in 8,365 offers, amounting to a turnover of N5.48bn. This represents a decline in buying and selling exercise, with a 47 per cent drop in quantity, a 61 per cent discount in turnover, and a 26 per cent lower within the variety of offers in comparison with the earlier buying and selling day.
Guinea Insurance led the gainers with a ten per cent improve, closing at N0.44 per share. It was intently adopted by SFS Real Estate Investment Trust with a 9.96 per cent acquire, Honeywell Flour Mill, and RT Briscoe, each recording a 9.87 per cent improve.
On the flip aspect, Oando and Cutix led the losers’ chart, with their share costs dropping by 9.95 per cent and 9.92 per cent, respectively. Oando closed at N36.20 per share, whereas Cutix ended the day at N5.36.
Other important losers included Academy Press (-8.70 per cent), Japaul Gold and Ventures (-7.89 per cent), and Red Star Express (-6.98 per cent).
The market breadth closed destructive, with 25 equities declining towards 22 that posted features.
In whole, 118 equities participated in buying and selling, additional reflecting the prevailing bearish sentiment.
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Veritas Kapital Assurance recorded the very best quantity of traded shares, with 38.4m items altering palms. This was adopted by Guaranty Trust Holding Company (36.3m), Universal Insurance (23.2m), and Oando (22.1m).
On Tuesday, the Nigerian fairness market continued its bearish pattern influenced by the declining share costs of corporations of Oando, Livestock Feeds, Cornerstone Insurance Company, and Linkage Assurance.
This downturn led to a lower in market capitalization and the All-Share Index by 0.5 per cent, closing at N55.31tn and 97,390.01 factors, respectively.