Bellwether stocks worsen Nigerian equity market’s woes

Nigerian equity market recorded its third consecutive trading sessions decline on Wednesday, driven by losses by largely capitalized stocks.

The All Share Index (ASI) dipped by 69.19 absolute points, representing 0.25 per cent decline to close at 27,283.05 points, the Market Capitalization shed N33.68 billion, representing 0.25 per cent drop to close at N13.28 trillion.

CONTINSURE led 12 gainers, having added 9.55 per cent, while SKYAVN emerged as top loser among 14 per cent, shedding -9.89 per cent.

Even though only the industrial and Lotus Islamic sectors declined, the impact of losses by UAC-PROP (-9.38%), Zenith Bank (-1.35%), Dangote Cement (-1.30%), MTNN (-0.72%), and Nestle (-0.01%), weighed down the market.

Meanwhile, investors traded a total of 462.31 million units of shares valued at N7.92 billion in 2,895, with Access Bank which traded 133.53 million shares worth N926.42 million emerging most active stock in terms of volume, while NB was the most active with regards to value, having sold 71.09 million units valued at N3.73 billion.