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Nigerian equity market sheds 0.25% as investors lose N28bn

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Stockbrokers at the floor of the Nigerian Stock Market

The Nigerian equity market could not sustain Tuesdays gains as it declined 0.25 per cent on the back of huge losses in the insurance sector, causing investors to lose 27.90 billion on Wednesday.

The All Share Index (ASI) was down by 76.37 absolute points, representing a 0.25 per cent drop, closing at 30,642.35 points, while Market Capitalization dipped by N27.90 billion representing a dip of 0.25 per cent, closing at N11.19 trillion.

The Insurance declined -2.04 per cent to lead other sectors in the southward movement, except the industrial sector, which rose 0.58 per cent.

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CAP gained 10 per cent to emerge the top among 24 gainers, while Conoil topped the 20 losers chart, having dipped -10 per cent.

A total of 246,134,051 shares worth N3.69 billion were exchanged by investors in 3,141 deals, with Zenith Bank emerging most active in terms of value and volume, investors having traded 55,340,501 of its shares valued at N1.32 billion.

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