Market indicators continued on a decline for the third consecutive day as market indices closed in the red on Wednesday.
According to investment analysts, the current trend, preceded by a significant rally observed in the prior week, has prompted investors to take profit, particularly in oil and gas stocks.
Consequently, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) dropped 0.46 percent to close at 26,418.11, with market capitalization shedding N42.2 billion to settle at N9.089 trillion.
Investors moved 421.2 million shares in 3,937 deals, 70 percent better than 248 million shares sold previously, while value traded grew by 226 percent to N10.1 from N3.1 billion traded on Tuesday.
The five most traded stocks included Mutual Benefit with 90.2 million units of shares valued at N45.1 million. Oando followed with 51.8 million shares worth N222.9 million, while Fidson came third with 49.4 million shares worth N61.2 million.
Champion emerged the day’s fourth-most traded stock with 34.6 million shares worth N85.1 million, while Sterling Bank came fifth having traded 30.2 million shares amounting to N22.2 million.
Market breadth remained strong as 20 gainers were paired against 16 losers, GlaxoSmithKline and Nigeria Police Force Microfinance Bank led the day’s gainers with 5 percent each to close at N15.75 and N1.05 per share respectively, while Cement Company of Northern Nigeria rose 4.99 percent to close at N4.42 per share. Conoil and Nigerian Aviation Handling Company added 4.95 percent each to close at N35.80 and N2.33 per share respectively.
On the other hand, Forte Oil recorded a 9.74 percent decline for the fourth consecutive day to lead the day’s losers, closing at N85.47 per share. Seplat Petroleum followed with a drop of 5 percent to close at N370.50 per share. Beta Glass also declined by 5 percent to close at N28.88 per share, CAP lost 4.99 percent to close at N31.60 per share, while ETI declined 4.98 percent to close at N10.88 per share.