Amidst weak market sentiment, the Nigerian equities market extended days of capital depreciation to five consecutive sessions.
The negative close on Wednesday June 24 was in line with market watchers’ views amid dearth of positive news capable of spurring rally. Only 17 stocks gained as against 22 losers.
The record dip was driven largely by sell decisions on stocks like Seplat Petroleum Development Company Plc, Guinness Nigeria Plc and Nigeria Breweries Plc.
Seplat dipped most after its share price moved from N428.8 to N386, losing N42.8 or 9.98 percent. Guinness followed after its share price declined from N16.5 to N15, losing N1.5 or 9.09percent while Nigerian Breweries dropped from N36 to N34.7, down by N1.3 or 3.61percent
Unless there is significant upward movement in large-cap stocks on Thursday, market watchers anticipate another downward performance. However, some fundamentally sound stocks look good enough to start seeing increased bargains due to their current price levels.
At the close of trading session on Wednesday, the Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased further by -0.38 percent while the negative return year-to-date (YtD) increased to -8.15 percent.
The NSE ASI decreased to 24,654.99 points from preceding day high of 24,750.06 points. In 3,364 deals, investors exchanged 189,253,004 units valued at N1.917billion. The value of listed stocks decreased to N12.861trillion, shedding about N50billion.
In this month of June, the stock market has decreased by -2.43 percent while week-to-date (WtD) its down by -0.69 percent.
