Investors in the Nigerian stock market lost N300bn at the end of trading on Wednesday as bearish sentiments persisted.
The All-Share Index of the Nigerian Exchange Limited declined by 1.48 per cent to 38,445.09 basis points, while the market capitalisation fell to N20.04tn from N20.34tn on Tuesday.
A total of 153.64 million shares valued at N2.45bn were traded by investors in 3,494 deals at the end of trading on the floor of the NGX on Wednesday.
Twenty-five companies, led by C&I Leasing Plc and Airtel Africa Plc, saw their share prices decline.
Other top losers on Wednesday were BOC Gases Nigeria Plc, Royal Exchange Plc, Northern Nigeria Flour Mills Plc, and Wapic Insurance Plc.
Twenty-three companies recorded price appreciation, with MRS Oil Nigeria Plc and Seplat Petroleum Development Company Plc leading Development
Other top gainers were Sterling Bank Plc, Japaul Gold and Ventures Plc, Regency Alliance Insurance Plc and Academy Press Plc.
Analysts at Cordros Capital Limited said the domestic equities market extended Wednesday’s losses as investors sold off on Airtel Africa (-10.0 per cent).
They noted that the month-to-date and year-to-fate losses increased to 3.5 per cent and 4.5 per cent, respectively.
The analysts said, “The total volume of trades decreased by 24.9 per cent to 153.64 million units, valued at N2.45bn, and exchanged in 3,494 deals.
“UACN was the most traded stock by volume at 10.01 million units, while SEPLAT was the most traded by value at N1.08bn.
“Across sectors, the oil and gas (+7.1 per cent) and industrial goods (+0.9 per cent) indices recorded gains while the insurance (-0.9 per cent), banking (-0.6 per cent), and consumer goods (-0.3 per cent) indices declined.”