The Nigerian equities market on Wednesday sustained its bearish run with 0.56 per cent following losses in 26 stocks.
The News Agency of Nigeria (NAN) reports that the All Share Index (ASI) shed 158.08 points or 0.56 per cent to close at 28,042.80 compared with 28,200.58 achieved on Tuesday.
Also, the market capitalisation lost N77 billion to close at N13.667 trillion against N13.743 trillion on Tuesday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are: Nestle Nigeria, Julius Berger, Guinness Nigeria, Unilever Nigeria and Flour Mills Nigeria.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said that the continuous sell-off seen in the market was due to negative sentiment.
Omordion attributed the sell pressure in blue-chip stocks to ‘political risk’.
He claimed that delay in appointment of ministers was affecting economic growth and development.
Market breadth was negative, with eight gainers against 26 losers.
AG Leventis Nigeria recorded the highest price gain of 10 per cent, to close at 33k per share.
Chams followed with a gain of eight per cent to close at 27k per share, while Mutual Benefits Assurance appreciated by five per cent to close at 21k, per share.
Courteville Business Solutions went up by 4.76 per cent to close at 22k, while Consolidated Hallmark Insurance appreciated by 3.33 per cent to close at 31k per share.
On the other hand, Julius Berger led the losers’ chart with a loss of 9.77 per cent, to close at N18, per share.
Nigerian Aviation Handling Company (NAHCO) followed with a decline of 9.62 per cent to close at N2.35, while Unity Bank declined by 9.23 per cent to close at 59k per share.
AXA Mansard Insurance depreciated by 8.33 per cent to close at N1.65 and Honeywell Flour Mills declined by 7.07 per cent to close at 92k per share.
The total volume traded appreciated by 13.84 per cent with 243.72 million shares worth N3.89 billion traded in 3,449 deals.
This is in contrast with a turnover of 217.13 million shares valued at N1.79 billion exchanged in 3,595 deals on Tuesday.
Transactions in the shares of Guaranty Trust Bank topped the activity chart with 77.51 million shares valued at N2.27 billion.
FBN Holdings followed with 29.47 million shares worth N163.77 million, while United Bank for Africa traded 13.64 million shares valued at N76.50 million.
Zenith Bank traded 13.28 million shares worth N247.42 million, while Lasaco Assurance accounted for 11.3 million shares valued at N3.92 million.
