Nigerian equity market extends downtrend, loses 3.35%

The Nigerian equity market stretched its downtrend further on Wednesday on the back of sell offs in Nestle, Dangote Cement, Zenith Bank, and WAPCO.

The All Share Index dipped 3.35 per cent to 23,572.75 points, while market capitalization declined by ₦425.22 billion to ₦12.28 trillion.

Consequently, the bourse has posted a  -12.18 per cent return this year.

Volume and value traded rose by 134 per cent and 319 per cent to 1.39billion units and ₦17.64billion respectively, as  Zenith Bank emerged the most traded stock with 412.40million units, GTBank (385.18m units) and FBNH (303.03m units) were second and third respectively.

GTBank  (₦7.24bn) however, topped the activity chart in terms of value, Zenith Bank (₦5.05bn) and Nestle (₦1.84bn) followed.

Across sectors, only two indices appreciated- Services  (0.43 per cent) and ICT (0.01 per cent).

On the flipside, the Industrial Goods and Consumer Goods indices led the laggards, shedding 9.70% and 4.96% respectively on the back of losses in NESTLE (-10%), DANGCEM (-10%), CADBURY (-9.77%) and WAPCO (-3.66%).