Seplat, Guinness, Nigerian Breweries Drag Stock Market Further Down

Stock Market Continues its Downward Trend on Wednesday

The Nigerian Stock Exchange (NSE) declined further on Wednesday as several stocks closed in the red.

The NSE All-Share Index depreciated by 95.01 basis points from 24,750.06 basis points it closed on Tuesday to 24,655.05 bps on Wednesday.

While market capitalisation of listed equities declined by 0.38  percent or N5 billion from N12.91 trillion it recorded on Tuesday to N12.86 trillion on Wednesday.

Activity level was mixed on Wednesday as investors traded 189.253 million shares worth N1.917 billion in 3,364 transactions against the 167.95 million shares traded in 3,784 deals on Tuesday.

First Bank of Nigeria Holding led in terms of volume traded with 44,445,414 shares valued at N241.094 million. This was followed by Zenith Bank’s 21,345,619 shares worth N349.374 million.

Access Bank, Japaul Oil and UBA added 18,872,401, 10,837,862 and 9,693,091 valued at N124.611 million, N2.643 million and N61.079 million respectively.

Champion led the top gainers’ chart with 7.95 percent to settle at 95 kobo. AIICO followed with 6.67 percent to close at 96 kobo.

Nahco added 5.98 percent to close at N2.66 per share. Caverton and Zenith bank did 4.74 percent and 0.92 percent to settle at N1.99 per shares and N16.4 per shares, respectively.

On the other hand, PZ led losers with 10 percent decline to close at N4.05 per share. This was closely trailed by Seplat’s 9.98 percent depreciation to N386 per share. Glaxosmith lost 9.30 percent to close at N5.85 per unit share.

Guinness and Nigeria Breweries lost 9.09 percent and 3.61 percent to close at N15 and N34.7 per share, respectively.