By Seun Ibiyemi
Investors on Wednesday lost about N101 billion on the Nigerian stock market as sell-offs in major stocks reversed two consecutive days of gains on the trading floor.
The downturn was driven by heavy profit-taking in stocks such as Dangote Sugar Refinery Plc, Jaiz Bank Plc, Chemical and Allied Products Plc, Union Dicon Salt Plc and Haldane McCall Plc.
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At the close of trading, the market capitalisation of the Nigerian Exchange Limited declined from N126.198 trillion to N126.097 trillion, representing a drop of N101 billion or 0.08 per cent.
Similarly, the All-Share Index shed 158.74 points, or 0.08 per cent, to close at 196,463.22, down from 196,621.96 recorded on Tuesday.
As a result, the year-to-date return moderated to 26.25 per cent.
Market sentiment remained negative, with 37 stocks closing in the red compared with 22 gainers at the end of the trading session.
Dangote Sugar Refinery Plc and Jaiz Bank Plc led the losers’ chart, each declining by 10 per cent to close at N74.70 and N10.80 per share respectively.
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Chemical and Allied Products Plc dropped by 9.97 per cent to close at N84.85, while Union Dicon Salt Plc fell by 9.94 per cent to N14.95 per share.
Haldane McCall Plc also declined by 9.89 per cent to close at N3.92 per share.
On the gainers’ chart, Premier Paints Plc led with a 10 per cent increase to close at N12.10 per share.
Fortis Global Insurance Plc rose by 9.73 per cent to N1.24 per share, while UAC of Nigeria Plc gained 7.78 per cent to close at N115.
Eterna Plc advanced by 6.38 per cent to N35, and Custodian Investment Plc appreciated by 6.06 per cent to close at N70 per share.
Trading activity also weakened compared with the previous session.
Total volume traded declined by eight per cent, while the value of transactions dropped by 14 per cent and the number of deals fell by 18 per cent.
In all, investors exchanged 805.3 million shares valued at N38.4 billion in 71,312 deals, compared with 880 million shares worth N44.5 billion traded in 86,761 deals in the previous session.
Veritas Kapital Assurance Plc recorded the highest trading volume with 56.42 million shares, accounting for 7.01 per cent of the day’s total volume.
Meanwhile, MTN Nigeria Communications Plc posted the highest value of transactions at N7.08 billion, representing 18.42 per cent of the total value traded.
