Nigeria’s equities market posted a loss of 1.51 per cent by the end of Wednesday’s trading session. The decline represents the biggest loss in the month so far as the All Share Index is down to 42,952.70 points.
Analysts attribute the loss to investors booking profit on previous gains in major stocks.
As a result of the day’s performance, the Month-to-Date return turned to a loss of 0.87 per cent, while the Year-to-Date gain moderated to 12.31 per cent.
The Total volume of trades declined by 39.32 per cent to 270.33 million. The stocks were valued at NGN5.18 billion, and exchanged in 4,799 deals.
The price movement chart show extended profit-taking in Dangote Cement. The stock fell 3.60 per cent. Guaranty Trust Bank also fell 1.86 per cent, Nestle was down 0.35 per cent and Total lost 3.92 per cent. This led to the depreciation in Industrial, Banking, Consumer Goods and Oil & Gas indices. They fell index 3.60 per cent, 0.90 per cent, 0.74 per cent and 0.50 per cent respectively.
On the flip side, the Insurance index posted a gain of 0.35 per cent, following demand for the shares of HMARKINS that grew 6.06 percent on Wednesday.
Meanwhile, market breadth turned positive, with 26 gainers led by Eterna Plc that gained 10.15 per cent and 23 losers, led by Unity Bank that fell 9.24 per cent.
Despite the loss, experts at cordros capital opine that the possibility for gains still exist. This is even as investors position ahead of Q4-2017 corporate earnings releases.