The bearishness at the stock market exacerbated yesterday as continuing selloffs across the sectors left the market with a net capital depreciation of N51 billion, more than a double the N23 billion lost on Tuesday.
Benchmark indices at the Nigerian Stock Exchange (NSE) showed average decline of 0.48 per cent, pushing the negative average year-to-date return to double digit at -10.05 per cent. Equities have so far this month lost an average of 3.01 per cent, despite a key policy announcement of the reappointment of the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele.
Aggregate market value of all quoted equities dropped from its opening value of N10.678 trillion to close at N10.627 trillion. The All Share Index (ASI) declined from its opening index of 28,422.76 points to close at 28,286.08 points.
There were 17 losers against 11 gainers during the five-hour trading session today. Forte Oil led the losers with a drop of N3.45 to close at N31.50. Cement Company of Northern Nigeria followed with a decline of N1.40 to close at N13.90. Dangote Flour Mills dropped by 75 kobo to close at N16.25. Dangote Cement declined by 50 kobo to close at N178 while Union Bank of Nigeria lost 25 kobo to close at N6.75 per share.
On the upside, Dangote Sugar Refinery and UAC of Nigeria led the gainers with a gain of 25 kobo each to close at N13.85 and N7.55 respectively. United Capital followed with a gain of 5.0 kobo to close at N2.45. Chams added 3.0 kobo to close at 36 kobo while ABC Transport, Jaiz Bank and Thomas Wyatt inched up by 2.0 kobo each to close at 27 kobo, 48 kobo and 29 kobo respectively.
Access Bank was the most active stock with a turnover of 35.76 million shares valued at N241.69 million. UAC of Nigeria followed with 21.51 million shares worth N161.38 million while United Bank for Africa (UBA) placed third with 18.78 million shares worth N114.01 million.