The Nigeria equities market dipped on Wednesday, losing 0.87 percent in value as panic sell-off on some highly capitalised stocks triggered a downward trend on the bourse to close at 32,437.35 points.
Specifically, market capitalization closed at N11.842 trillion, depreciating by N104 billion or 284.83 points
The development caused Dangote cement to lose 2.44 percent, Nigerian Breweries, 0.56 percent, Seplat, 0.81 percent, Zenith bank, 1.1 percent, United Bank for Africa (UBA), 1.22 percent as-well-as First bank of Nigeria Holdings (FBNH) which lost 1.62 percent in the day’s trading.
The market witnessed low volatility midweek resulting in a largely weak market indices as the total deals dropped by 1.69 percent to close at 2,974, aggregate volume dropped by 63.63 percent to close at 240.765 million equities traded, while aggregate value dropped by 31.12 percent to close at N3.659 billion which exchanged hands in the course of the day’s trading.
The momentum behind the day’s market performances was made evident in the negative breadth which the market closed with.Market breadth closed ill as only 11 stocks led by Sunu Assurance with 10 percent, Continental Reinsurance with 9.63 percent and Cutix with 8.37 percent grew in prices, while 22 stocks led by Pharmadeko with 10 percent, UACN with 9.09 percent and Law Union with 7.84 percent recorded the most percentage decline in the day.
The most traded stocks in the day were Zenith bank with 87.053 million equities, United bank for Africa with 68.370 million equities and Fidelity Bank with 15.934 million equities.
The stocks of Zenith bank with 273 trades, United Bank for Africa (UBA) 247 trades and Fidelity Bank with 179 trades recorded the most deals. Those of Zenith bank with N1.976 billion, United Bank for Africa with N560 million and Dangote Cement with N457.386 million recorded the most value turnover in the day.