The Nigerian equity market declined 0.47 per cent on Wednesday, reversing the previous two consecutive trading sessions gains, due to profit-taking Zenith Bank, ETI, Dangote Sugar and 16 other stocks.
The All-Share Index (ASI) decreased by 120.11 absolute points, representing a dip of 0.47 per cent to close at 25,215.04 points, the Market Capitalization shed N62.62 million, representing a 0.47 per cent decline to close at N13.15 trillion.
Prestige and Berger gained 10 per cent to emerge as the top gainer of the 13 advancers, C&I Leasing lost 9.43 per cent to top 12 other losers, as the market year-to-date performance worsened to -6.1 per cent.
Activity level was mixed as volume traded decreased 0.8 per cent to 266.6m units, while value traded spiked 183.9 per cent to ₦3.2billion.
GTBank (69.4m units), Mutual Benefit (51.8m units) and FBNH (31.2m units) were the three most active stocks, while GTBank (₦1.7bn), Zenith Bank (₦274.5m) and Dangote Cement (₦235.5m) led the value chart.
The Insurance and Oil & Gas indices appreciated 1.4 per cent and 0.2 per cent respectively, due to gains in CORNERSTONE (+8.0 per cent), CHIPLC (+6.5 per cent) and OANDO (+1.8 per cent).
The Industrial and Consumer Goods indices led the laggards, shedding 2.5 per cent and 0.3 per cent respectively due to profit-taking in BUACEMENT (-3.9 per cent) and Dangote Sugar (-1.0 per cent). The Banking index trailed, losing 0.1 per cent following price declines in ZENITH (-1.8 per cent) and STANBIC (-0.6 per cent). The AFR-ICT index closed flat.