Stock market moves further south by 0.64%

Nigeria’s equities market furthered its southward journey on Wednesday by 0.64percent or N183billion amid absence of major catalyst that could spur buy sentiment on the nation’s Bourse.

FBN Holdings Plc led the league of top decliners after its shares price decreased from a high of N10.50 to N9.90, losing 60kobo or 5.71percent.

It was followed by Union Bank of Nigeria Plc which decreased from day-open high of N6.50 to N6, losing 50kobo or 7.69percent; International Breweries Plc which was also down, from N7.35 to N6.90, losing 45kobo or 6.12percent of its day-open price; and Meyer Plc which dropped from preceding day high of N3.10 to N2.79, shedding 31kobo or 10percent.

Read also: Equities market records first loss this week

At the close of trading session on Wednesday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased further to 52,775.4 points and N28.451trillion respectively, as against preceding day’s 53,113.64 points and N28.634trillion. The market’s positive return year-to-date (YtD) also decreased to 23.55percent.

UBA, GTCO, FBN Holdings, Sterling Bank and Zenith were most traded stock on the Nigerian Exchange Limited. In 4,890 deals on Wednesday, equity traders exchanged 188,092,480 units valued at N2.363billion.