Stock Market Losses N46billion As Investors’ Confidence fades

The Nigerian Stock Market, on Wednesday, February 1, sustained the downward trajectory for the third consecutive trading session as market value dropped by 0.51 percent.

Market Capitalization closed at N8.927 trillion against previous close of N8.973 trillion which also represents a depreciation of N46 billion. Market breadth remained negative as investors confidence continue to wane bringing the number of gainers on the bourse to 9 paired against a whooping 27 losers. WAPCO topped the advancers’ chart with 8.27 percent to close at N44.40 percent. Forte Oil led the day’s losers dropping 5% to close at N67.66.

Medview Airlines emerged as the most actively traded stock for the day with 72.5 million units of shares worth N109.2 million, Paints and Coatings Manufacturing (Paintcom) was next with 58.7 million units valued at N61.6 million. Diamond Bank was third with 43.1 million units of shares valued at N40.6 million. Standard Trust Alliance (STACO) was the fourth most traded stock with 20 million units valued at N10 million while Fidelity Bank emerged fifth on the day’s top traded list with 18.3 million units of shares at N16.6 million.

At the end of market session, investors traded 305.0 million units of shares, 48 percent greater than previous session’s 205.8 million units. Meanwhile, value of equities traded for the day declined 42.9 percent from previous session’s N2.8 billion to N1.6 billion which was recorded for the day.