The bears continued to maintain dominance on the equities sector of the Nigerian Stock Exchange (NSE), as major highly capitalised stocks suffered price depreciation, causing investors' wealth to dip by N186 billion in three trading days.
Specifically, the market capitalization depreciated by N186 billion or 1.3 per cent to N13.820 trillion from N14.006 trillion at which it opened for trading on Tuesday. Also, the All-share index dipped by 511.55 points, from 38,664.15 to 38,152.60 points.
Yesterday, the downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Seplat Petroleum Development Company, Dangote Cement, Cement Company of Northern Nigeria (CCNN), PZ Industries and Guaranty Trust Bank.
Analysts at APT Securities and Funds Limited said: "Amidst optimism, the equities market rolled against expectation as market activities inclined further on sell offs. We expect the market to close negative week on week."
Market breadth closed negative, with 24 gainers versus 26 losers. Japaul Oil recorded the highest price gain of 9.30 per cent, to close at 47 kobo per share. Custodian and Allied Insurance gained 4.99 per cent to close at N5.26, while AXA Mansard Insurance appreciated by 4.91 per cent to close at N2.78 per share.
NEM Insurance appreciated by 4.69 per cent to close at N2.90, while Fidelity Bank gained 4.59 per cent to close at N2.28 per share.On the other hand, Honeywell Flour and Nigerian Aviation Handling Company (NAHCO) led the losers' chart by five per cent each, to close at N2.28 and N3.99 per share, respectively, while CCNN followed with a loss of 4.76 per cent to close at N24 per share.
Seplat depreciated by 4.49 per cent to close at N685, while Jaiz Bank declined by 4.48 per cent to close at 64 kobo per share.The total volume traded marginally went up by 1.36 per cent to 271.4 million shares, worth N4.101 billion, and traded in 3,766 deals.
Transactions in the shares of FBN Holdings topped the activity chart with 37.3 million shares valued at N394.88 million. Fidelity Bank followed with 29.52 million shares worth N66.44 million, while Guaranty Trust Bank traded 28.43 million shares valued at N1.15 billion.Sterling Bank traded 18.1 million shares valued at N24.59 million, while Prestige Assurance transacted 16.99 million shares worth N11.21 million.