Stock Market suffers N68.5b Loss

It was a bad day for investors at the Nigerian Stock Exchange (NSE) on Wednesday, following a N68.5 billion loss recorded at the close of trading activities.

A total of 10 stocks led by Dangote Cement depreciated at the market, reversing the two-day rally on the floor of the NSE.

The volume of shares exchanged by investors today rose compared with what was traded yesterday.

A total of 255.7 million shares exchanged hands on Wednesday in 2,845 deals valued at N1.7 billion in contrast to 127.4 million shares transacted on Tuesday in 3,176 deals worth N909.3 million.

Despite the declined recorded today, the market breadth finished positive with 24 gainers versus 10 losers. However, the year-to-day return closed at -4.66 percent.

The All-Share Index (ASI) dropped 197.93 points or 0.77 percent to close at 25,620.94 points, while the market capitalisation depreciated by N68.5 billion to end at N8.865 trillion.

Dangote Cement crashed by N6 to finish at N159 per share, while Presco went down by N1.70k to close at N45 per share.

UACN slumped by 43k to end at N14 per share, Beta Glass declined by 40k to finish at N46 per share and AirServe weakened by 13k to close at N4.17k per share.

On the flip side, Seplat rose by N5 to finish at N410 per share, while Okomu Oil went up by N1.40k to end at N48 per share.

Stanbic IBTC experienced a rise of N1.11k to close at N23.42k per share, International Breweries advanced by 34k to finish at N17.84k per share and Oando grew by 33k to close at N5.73k per share.