Nigeria stocks shed over N500bn in three days

As bargain hunters failed to provide support for oversold stocks on Wednesday, the market recorded its third consecutive day of negative close this week.

This week, the market has lost about N563million as weak sentiment at the Nigerian stock market kept gains in check. The market opened this week with capitalisation of N66.352 trillion. This week, the market has decreased by 0.98 percent.

On Wednesday, the market decreased by 0.44 percent. It was majorly caused by investors who sold shares of MRS which decreased from preceding day’s high of N178 to N162, losing N16 or 8.99 percent of its day-open value.

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Other major laggards on Wednesday are Livestock Feeds which dropped from N9.40 to N8.46, losing 94 kobo or 10 percent.

Also, Etranzact decreased from N5.85 to N5.30, losing 55kobo or 9.40 percent. Coronation Insurance dropped from N2.59 to N2.35, losing 24 kobo or 9.27 percent, while May & Baker share price also dipped from N8.70 to N8, losing 70kobo or 8.05 percent.

This month it has decreased by 2.70 percent, thereby moderating the record positive returns this year to 1.93 percent.

As a result of persisting negative sentiments, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased further from 105,360.19 points and N66.068 trillion to 104,915.13 points and N65.789 trillion.

In 12,012 deals, investors exchanged 1,366,555,194 shares valued at N12.374billion. Sovereign Trust Insurance, Fidelity Bank, Access Holdings, Jaiz Bank and Zenith Bank were actively traded stocks on Wednesday.