Bears maintain grip on equities as investors again lose N280bn

Bears maintain grip on equities as investors again lose N280bn

Investors in the Nigerian stock market lost N274bn on Wednesday as 23 firms saw their share prices drop at the end of trading.

The Nigerian Stock Exchange All-Share Index fell by 1.33 per cent to 38,781.48 basis points from 39,305.48bps.

The market capitalisation of equities declined to N20.30tn on Wednesday from N20.58tn on Tuesday.

A total of 259.51 million shares valued at N1.91bn were traded by investors in 3,547 deals at the end of trading on the floor of Nigerian Exchange Limited.

FTN Cocoa a Plc led the losers as its share price dropped by 10 per cent to close at N0.36.

It was followed by Neimeth International Pharmaceuticals Plc, which fell by 8.95 per cent to N1.73 per share.

International Breweries Plc declined by 8.77 per cent to N5.20 per share; PZ Cussons Nigeria Plc fell by 7.41 per cent to N5 per share, and Cornerstone Insurance Plc dipped by 7.02 per cent to N0.53 per share.

On the flip side, 20 firms recorded price appreciation at the end of trading, with Consolidated Hallmark Insurance Plc leading the park as its share price rose by 10 per cent to N0.33.

Paints & Products Nigeria Plc appreciated by 8.33 per cent to N2.60 per share, while Royal Exchange Plc increased by 7.14 per cent to N0.45 per share.

ABC Transport Plc gained 6.90 per cent to close at N0.31 per share while Japaul Gold and Ventures Plc rose by 5.17 per cent to close at N0.61 per share.

Analysts at Cordros Capital Limited noted that mixed sentiments persisted in the stock market as sell-off of Dangote Cement Plc matched the gains recorded in Nigerian Breweries Plc, Seplat Petroleum Development Company and some banking names.

“Analysing by sectors, the insurance (-1.6 per cent), banking (-0.2 per cent) and consumer goods (-0.1 per cent) indices declined, the oil and gas (+2.0 per cent) index was the lone gainer, while the industrial goods index closed flat,” they said.