Nigeria stock market on Wednesday extended its bearish trend to a third successive session. The bearish run was driven by selloff on Banking, Industrial Goods and Insurance sectors while Oil & Gas and Consumer goods sectors posted marginal gains. Market breadth closed negative, recording 8 gainers against 26 losers.
The All Share Index (ASI) shed 558.04 absolute points, representing a dip of 1.85%, to close at 29,668.73 points. Similarly, Market Capitalization decreased by N209.60 billion representing a decline of 1.85%, to close at N11.14 trillion.
The top five gainers were Nigerian Breweries, Cornerstone Insurance Plc, Sovereign Trust Insurance Plc, Sterling Bank and Nestle, which saw respective gains of 5.45 per cent, five per cent, 4.55 per cent per cent per cent per cent per cent, 3.77 per cent and 3.57 per cent.
The top five losers were Access Bank, Chi Plc, AIICO Insurance, Cement Company of Northern Nigeria and Neimeth Insurance Plc, whose share prices shed 10 per cent, 10 per cent, 9.86 per cent, 9.75 per cent and 9.68 per cent, respectively.
The downturn was impacted by losses recorded in medium and large capitalized stocks, amongst which are; ACCESS (-10.00%), CCNN (-9.75%), ETERNA (-9.38%), UBA (-8.03%), FCMB (-7.89%), FBNH (-6.96%), DANGFLOUR (-5.56%) DANGSUGAR (-5.33%), WEMABANK (-5.19%), ZENITHBANK (-4.23%), GUARANTY (-2.78%), DANGCEM (-1.55%) and UACN (-0.65%). (GTI)