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Stock market loses N49bn as 24 firms decline

The equities market of the Nigerian Exchange Limited declined by N49.21bn at the end of trading on Wednesday as 24 firms saw their share prices fall.

The NGX All-Share Index dropped by 0.22 per cent to close at 43,349.9 basis points from 43,444.20bps on Tuesday, while the market capitalisation fell to N22.62tn from N22.67tn.

Market activities was negative as the total volume of shares exchanged fell to 264.79 million units valued at N6.08bn in 4,230 deals from 423.83 million units worth N11.65bn in 4,181 deals on Tuesday.

FBN Holdings Plc emerged as the most traded stock by volume as it accounted for 25.91 per cent of the total volume of shares traded, while Nestle Nigeria Plc was the most traded stock by value, accounting for 48.85 per cent of the total value of trades on Wednesday.

At the end of trading on the floor of the NGX, the market sentiment, as measured by the market breadth, was negative.

Fourteen companies appreciated in share price compared to 24 losers.

Sectoral performance tilted negative as the insurance, oil and gas, consumer goods and banking indices depreciated while the industrial sector rose.

Neimeth International Pharmaceuticals Plc recorded the biggest loss on Wednesday as its share price tumbled by 9.09 per cent to N1.8 per share.

Japaul Gold &Ventures Plc followed with a 9.09 per cent drop to N0.4 per share. Other top losers were Unity Bank Plc, Consolidated Hallmark Insurance Plc and Unilever Nigeria Plc.

Associated Bus Company Plc led the gainers with a 10 per cent increase, closing at N0.33 per share at the end of trading. Chams Plc came next with a 4.55 per cent gain to close at N0.23 per share.

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