Nigerian equity market stretches decline to second day

The Nigerian equity market extended losses to second consecutive trading days on Wednesday, declining 0.35 per cent on the back of drop by large and medium capitalized stocks.

The All-Share Index (ASI) dipped by 93.23 absolute points, representing 0.35 per cent drop to close at 26,790.10 points, Market Capitalization shrank by N45.00 billion, representing 0.35 per cent dip to close at N12.93 trillion.

LIVESTOCK appreciated by 10 per cent to emerge as the top gainer, while CHIPLC also shed the same percentage to emerge as top loser as the recorded 19 gainers as against 26 losers.

OANDO (-9.09%), FBNH (-6.47%), UACN (-5.41%), ACCESS (-3.76%), UNILEVER (-1.84%), WEMABANK (-1.37%), UBA (-0.71%), DANGSUGAR (-0.68%) and DANGCEM (-0.28%) were largely responsible for the market decline.

All the indices went southward except the insurance sector which appreciated 0.54 per cent.

Investors exchanged 189.86 million units of shares valued at N1.48 billion in 3,410 deals.

TRANSCORP was the most active equity in volume term with 26.35 million units worth N26.58 million, while ZENITH BANK was the most active in value terms trading 22.51 million units worth N416.44 million.

The bourse has declined 14.76 per cent this year as investors adopt cautious approach.