Blue-Chip stocks drag Nigerian equity market below 30 thousand mark

The Nigerian equity market extended its bearish trend to the second consecutive day as the All Share Index (ASI) dropped below the 30 thousand mark on Wednesday, on the back of downturn recorded by some blue-chip stocks.

The ASI declined 177.69 absolute points, representing 0.59 per cent dip to close at 29,898.31 points, while Market Capitalization was lowered by N66.78 billion, representing 0.59 per cent slip to close at N11.24 trillion.

Dangote Flour added 9.79 per cent to top 25 other gainers, while Conoil shed -9.57 per cent to emerge highest loser amongst 13 other losers.

Of the total 304.86 million shares worth N2.63 billion traded in 3,902 deals, investors exchanged                            92.30 million shares valued N20.82million of Japaul Oil, making it the most active stock on Wednesday.

The downtrend was impacted by losses recorded in medium and large capitalized stocks, amongst which are; INTBREW (-8.70%), OANDO (-5.88%), SEPLAT (-4.39%), FCMB (-4.21%), WEMABANK (-4.00%), NESTLE (-1.90%), TRANSCORP (-1.71%), WAPCO (-1.31%), DANGCEM (-0.94%), and STANBIC (-0.22%). (GTI)