The Nigerian Stock Exchange (NSE) market capitalisation on Wednesday shed N130 billion, halting gains recorded in the first two trading sessions of the week.
Specifically, the market capitalisation which opened at N13.420 trillion lost N130 billion or 0.97 percent to close at N13.290 trillion.
Similarly, the All-Share Index (ASI) dipped 267.15 points or 0.97 percent to 27,319.64 compared with 27,586.79 achieved on Tuesday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, among which are Nestle Nigeria, Guinness Nigeria, Dangote Cement, Forte Oil and MTN Nigeria.
Analysts at Afrinvest Limited said that “Given the weak state of the economy, our bearish outlook on the equities market remain unchanged.”
Market breadth closed negative, with 10 gainers against 18 losers.
Guinness dominated the losers’ chart with a loss of 9.90 percent to close at N37.30per share.
Ikeja Hotel followed with a decline of 9.79 percent to close at N1.29, while Forte Oil declined by 9.73 percent to close at N14.85 per share.
UPDC Real Estate Investment Trust lost 9.26 percent to close at N4.90, while Eterna shed 5.36 percent to close at N2.65 per share.
Conversely, UACN recorded the highest price gain of 9.89 percent, to close at N5 per share. UACN Property Development Company (UPDC) followed with a gain 9.76 percent to close at 90k. UACN and UPDC jointly announced Tuesday of recapitalization and restructuring plans thus buoying buy interest from investors.
Other gainers for the day were Africa Prudential which appreciated by 8.82 percent to close at N3.95 per share. Linkage Assurance which went up by 8.33 percent to close at 52k, while International Breweries appreciated by 8.18 percent to close at N11.90 per share.
The total volume traded fell by 14.93 percent as investors bought and sold 250.45 million shares valued at N3.19 billion in 3,219 deals.
This was in contrast with a turnover of 294.41 million shares worth N3.49 billion traded in 3,337 deals, Tuesday.
Transactions in the shares of Access Bank topped the activity chart with 81.85 million shares valued at N542.31 million.
Lafarge Africa followed with a total of 40.65 million shares worth N587.39 million, while Zenith Bank sold 27.50 million shares valued at N481.48 million.
FBN Holdings accounted for 19.28 million shares worth N89.54 million, while Transcorp transacted 13.71 million shares valued at N14.07 million.