Nigeria’s stock market closed in red on Wednesday as sell pressure finally outweighed bargain hunting, making the market to see first dip after five (5) days of green closes.

At the close of Wednesday’s trading session, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its equities Market Capitalisation decreased from preceding day’s highs of 41,814.94 points and N21.821trillion to 41,789.59 points and N21.808trillion.

Stocks like GSK, Transcorp Hotels and FBN Holdings contributed majorly to the record dip on the Exchange. GSK dipped from N7 to N6.30, down by 70kobo or 10percent, followed by Transcorp Hotels which dipped from N5.97 to N5.38, down by 59kobo or 9.88percent, while FBN Holdings decreased from N12.40 to N11.65, losing 75kobo or 6.05percent.

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Meanwhile, Total Energy Plc share price rallied most, from N207.60 to N220, up by N12.40 or 5.97percent, followed by Red Star which moved up from N3.20 to N3.40, adding 20kobo or 6.25percent. This implies that investors lost about N13billion on Wednesday, representing 0.06percent decline. This month’s gain is still positive at 3.90percent.

The market’s record year-to-date (YtD) positive return stood at +3.77percent at the close of trading session on Wednesday. In 5,036 deals, investors exchanged 284,601,047 units valued at N3.203billion. FBN Holdings, AIICO, ETI, Transcorp and Fidelity Bank were most traded stocks on the Nigerian Bourse.

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Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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