Trading activities on the Nigeria equities market extended its bearish run for the third consecutive day on Wednesday, with the crucial market indices depreciating further by 0.20 per cent.
The market capitalisation shed N26 billion or 0.20 per cent to close at N13.048 trillion compared to N13.074 trillion on Tuesday.
Similarly, the All Share Index (ASI) shed 59.68 points, representing a dip of 0.20 per cent to close at 29,609.00 against 29,668.68 achieved on Tuesday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, among which are; Nestle Nigeria, Beta Glass, Cement Company of Northern Nigeria (CCNN), Cadbury Nigeria and MTN Nigeria.
Analysts at Cordros Capital Limited said that “our outlook for equities in the short to medium term remains conservative, amidst absence of a positive catalyst.”
Analysts at APT Securities and Funds Limited said that “we retained our cautious trading advice in the short run. However, accumulation of fundamentally justified and dividend paying stocks for mid to long term is recommended.”
Market breadth closed negative, with 17 gainers against 19 losers.
Courteville Business Solutions recorded the highest price gain of 9.52 per cent, to close at 23k per share.
Consolidated Hallmark Insurance followed with a gain 9.09 per cent to close at 24k, while Linkage Assurance appreciated by 7.58 per cent to close at 71k per share.
Nigerian Breweries rose by 6.90 per cent to close at N62, while Berger Paints appreciated by 6.72 per cent to close at N7.15 per share.
Converserly, Chams recorded the highest price loss in percentage terms to lead the losers’ chart by 10 per cent, to close at 27k per share.
Beta Glass followed with a decline of 9.97 per cent to close at N66.35, while CCNN lost 9.77 to close at N12 per share.
Prestige Assurance declined by 7.41 per cent to close at 50k, while Unity Bank shed 7.25 per cent to close at 64k per share.
In spite of the drop in market indices, the volume of shares traded closed higher as investors bought and sold 394.06 million shares valued at N3.27 billion in 3,377 deals.
This was in contrast with 253.39 million shares worth N4.12 billion transacted in 3,836 deals on Tuesday.
Transactions in the shares of Wema Bank topped the activity chart with a turnover of 194.67 million shares valued at N128.48 million.
Guaranty Trust Bank followed with 20.39 million shares worth N625.62 million, while Unilever Nigeria traded 20.1 million shares valued at N643.07 million.
FBN Holdings accounted for 17.36 million shares worth N118.86 million, while Flour Mills Nigeria transacted 14.63 million shares valued at N204.59 million.