Sell pressure persist on Nigerian equity market, dips 1.85%

L–R: Head, Human Resource, Fidson Healthcare Plc, Mrs. Joke Alli; Sales & Marketing Director, Fidson Healthcare Plc, Mr. Olugenga Olayeye; Chief Executive Officer, The Nigerian Stock Exchange (NSE), Mr. Oscar N. Onyema OON; Managing Director/CEO, Fidson Healthcare Plc, Mr. Fidelis Ayebae; Chairman, Fidson Healthcare Plc, Mr. Segun Adebanji and Head Finance & Account, Fidson Healthcare Plc during the Closing Gong Ceremony at the presentation of Facts Behind the Offer of Fidson Healthcare Plc at the Exchange in Lagos on Wednesday.

The Nigeria equity market on Wednesday extended its bearish sentiment to a third successive session. The bearish run was driven by selloff on Banking, Industrial Goods and Insurance sectors while Oil & Gas and Consumer goods sectors posted marginal gains.  Market breadth closed negative, recording 8 gainers against 26 losers.

The All Share Index (ASI) shed 558.04 absolute points, representing a dip of 1.85%, to close at 29,668.73 points. Similarly, Market Capitalization decreased by N209.60 billion representing a decline of 1.85%, to close at N11.14 trillion.

NB emerged the top gainer while CHIPLC  &  ACCESS emerged as the top losers.

The downturn was impacted by losses recorded in medium and large capitalized stocks, amongst which are; ACCESS (-10.00%), CCNN (-9.75%), ETERNA (-9.38%), UBA (-8.03%), FCMB (-7.89%), FBNH (-6.96%),  DANGFLOUR (-5.56%) DANGSUGAR  (-5.33%), WEMABANK (-5.19%), ZENITHBANK (-4.23%), GUARANTY (-2.78%), DANGCEM (-1.55%) and UACN (-0.65%). (GTI)