Stock market moves further south

Nigeria’s equities market closed further in the red zone on Wednesday as sentiment continues to worsen on the Bourse despite little instances of bargain-hunting.

At the close of trading session Wednesday, the Nigerian Exchange Limited All-Share Index (ASI) and Market Capitalisation decreased further by 0.07percent or N19billion, from preceding day high of 52,756.62 points and N28.441trillion respectively to 52,721.34 points and N28.422trillion.

Academy Press lead the laggards league after its share price decreased from preceding day high of N1.51 to N1.36, losing 15kobo or 9.93percent.

Other top laggards are Berger Paints which dropped from N7.90 to N7.20, after losing 70kobo or N8.86 and Neimeth which decreased from N1.75 to N1.60, losing 15kobo or 8.57percent.

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May & Baker also dropped from a high of N4.70 to N4.30, losing 40kobo or 8.51percent, followed by Wema Bank which decreased from day open high of N3.55 to N3.28, losing 27kobo or 7.61percent.

FBN Holdings, Jaiz Bank, GTCO, FCMB Group and Transcorp were most traded stocks on the Nigerian Exchange Limited (NGX) on Wednesday. In 5,948 deals, investors exchanged 611,973,850 shares valued at N7.426trillion.

Also, the market’s positive return year-to-date (YtD) by decreased further to 23.42 percent.