Oando, Livestock Feeds, others cause market’s N46bn loss

Nigeria’s stock market on Wednesday failed to sustain buy-interest despite an earlier expectation that investors will continue to position ahead of earnings results, with slight profit taking in some counters.

Stocks like Oando, Livestock Feeds, FTN Cocoa and others fuelled the record 0.16percent dip as investors booked about N46billion loss on the Nigerian Exchange Limited (NGX).

At the close of trading, the market’s benchmark performance indicators – the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased from the preceding day’s highs of 52,701.31 points and N28.704trillion respectively to 52,615.51 points and N28.658trillion. Though this year, the market has risen by 2.66percent.

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Oando led the laggards after its share price dropped from N3.99 to N3.85, losing 14kobo or 3.51percent. It was followed by Livestock Feeds which dropped from N1.20 to N1.14, shedding 6kobo or 5percent, and FTN Cocoa which was down from 30kobo to 28kobo, shedding 2kobo or 6.67percent.

The record decline on the Bourse confirms expectations of research analysts at United Capital on Wednesday that there might be pockets of bearish sentiments across the market as investors book profits from extended rallies.

In 3,377 deals, investors exchanged 217,946,345 shares valued at N4.471billion. Sterling Bank, Zenith Bank, GTCO, Geregu and Access Corporation were top-5 traded stocks on the Nigerian Exchange.