By Goddy Egene
The Nigerian equities market Wednesday fell further as sell pressure persisted. As a result, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) went down by 0.11 per cent to close at 32,382.58. Similarly, market capitalisation shed N12.8 billion to close at N11.82 trillion. The market had declined by 0.08 per cent Tuesday, raising hopes that it may rebound Wednesday.
Although more stocks appreciated compared with losers, the depreciation recorded in the share prices of companies such as FBN Holdings, GTBank, Nigerian Breweries, UAC of Nigeria Plc , and Honeywell Flour Mills Plc made the market to close lower.
MCNichols led the price losers with 9.7 per cent, followed by Transcorp Hotel Plc with 9.6 per cent. Law Union & Rock Insurance Plc and First Aluminium Plc shed 8.7 per cent and 7.8 per cent respectively. Prestige Assurance Plc and Chams Plc went down by 7.6 per cent and 7.1 per cent.
On the positive side, CAP Plc led the price gainers with 10 per cent, trailed by Mutual Benefits Assurance Plc with 7.6 per cent. Continental Reinsurance Plc, Consolidated Hallmark Insurance Plc and Union Diagnostic and Clinical Services Plc chalked up 7.1 apiece.
Activity level was mixed as volume traded declined 61.5 per cent to 134.5 million shares while value traded improved 32.2 per cent to N1.9 billion. Top traded stocks by volume were FCMB (18.3 million shares), Fidelity Bank Plc (17.2 million shares), and FBN Holdings Plc (15.8 million shares) while top traded stocks by value were Dangote Cement Plc (N500.2 million), GTBank (N444.7 million) and Nestle Nigeria (N203.5 million).
