By Michael Eboh
The bearish trend in theÂ Nigerian capital market continued to bite harder, as only ten stocks, Wednesday, recorded share price gain, while the value of listed equities, represented by the market capitalisation, dropped by 162.36 billion.
Specifically, the capitalisation dipped by 2.78 per cent to close at N5.686 trillion, from N5.848 trillion at which it opened.
The All-share index, another indices for measuring performance of listed equities, depreciated by 2.78 per cent to close at 24,806.54 points from 25,514.83 points.
The decline in the key market indices, according to market analysts, was brought about by profit-taking activities by investors and massive sell-off associated with margin loans granted to speculators.
Oando Plc led the pack of ten share price gainers, rising by N2.50 to close at N90.00 per share, Nigerian Bottling Company Plc followed with a gain of N1.00 to close at N28.00 per share and Costain (West Africa) Plc garnered N0.27 to close at N6.10 per share.
Other share price gainers include: Red Star Express Plc N0.14, Big Treat Plc N0.09, Capital Oil Plc N0.08, Starcomms Plc N0.06, NEM Insurance Company Plc N0.03, Dunlop Plc N0.02 and Daar Communications Plc N0.01.
On the contrary, Nestle Nigeria Plc led 69 other share price losers, dropping by N4.06 to close at N170.00 per share, Guinness Nigeria Plc followed with a loss of N3.50 to close at N131.50 per share and First Bank of Nigeria Plc depreciated by N1.04 to close at N19.86 per share.
Other share price gainers include: Dangote Sugar Refinery Plc N0.81, Union Bank Nigeria Plc N0.80, Ecobank Transnational Incorporated N0.67, Zenith Bank Plc N0.66, Flour Mills Nigeria Plc N0.64, Ashaka Cement Plc N0.62, United Bank for Africa Plc N0.62 among others.
Equity trading, also depreciated by 27.96 per cent, as a turnover of 322.25 million shares valued at N2.82 billion was recorded in 7,844 deals, in contrast to the previous dayâ€™s turnover of 447.33 million shares valued at N3.5 billion in 9,116 deals.
Banking stocks remained the toast of investors, accounting for 65.41 per cent of the market turnover, 210.78 million shares valued at N2.21 billion in 4,956 deals. GTBank Plc emerged the most active in the sub-sector, trading 43.26 million shares valued at N586.05 million in 581 deals, First Bank of Nigeria Plc followed with the exchange of 30.49 million shares valued at N605.48 million in 1,534 deals and Access Bank Plc recorded 24.99 million shares valued at N167.31 million in 327 deals.
The Insurance sub-sector followed on the sectorial analysis, accounting for 14.34 per cent of the market turnover, with 46.23 million shares valued at N39.81 million in 764 deals. AIICO Insurance Plc recorded the most patronage in the sub-sector, trading 11.16 million shares valued at N10.6 million in 378 deals, followed by Investment and Allied Assurance Plc, with 7.74 million shares valued at N3.87 million in 22 deals and Lasaco Assurance Plc recorded 6.37 million shares valued at N5.42 million in 29 deals.