Nigeria’s stock market fails to sustain gain, sheds N50bn

Nigeria’s stock market on Wednesday failed to sustain record gain amid buying and sell-offs activities on the Bourse.

The market was down by 0.24percent at the close of trading session as the All Share Index (ASI) closed lower at 43,349.90 points from Tuesday’s high of 43,444.20 points while value of listed stocks decreased to N22.622trillion from preceding day’s high of N22.672trillion.

At the close of trading session, equities value depleted by about N50billion as 21 stocks lost against 14 gainers.

The equities market’s year-to-date (YtD) positive return stood lower at 7.65percent.

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Barring any significant cross trade activity in tomorrow’s session, we expect market to trade mixed as investors continue to bargain hunt across sectors.

Japaul Gold led the losers table after its share price moved from 44kobo to 40kobo, down by 4kobo or 9.09percent. Neimeth International Pharmaceuticals Plc followed after its share price decreased from N1.98 to N1.80, losing 18kobo or 9.09percent.

It was followed by that of Unity Bank Plc which dipped from 59kobo to 54kobo, shedding 5kobo or 8.47percent. CHI Plc decreased from 62kobo to 57kobo, down by 5kobo or 8.06percent, followed by Unilever Nigeria which dropped from N14.60 to N13.50, shedding N1.10 or 7.53percent. In 4,230 deals, investors exchanged 264,789,180 units valued at N6.084billion.

FBN Holdings, International Breweries, GTCO, Unity Bank and Access Bank were actively traded stocks on the Nigerian Exchange Limited (NGX).