Bearish Trend continues, Nigerian Stock Closes in Red

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  • Bearish Trend continues, Nigerian Stock Closes in Red

The Nigerian Stock Exchange market closed in the red on Wednesday amid bearish sentiment.

The All-Share Index declined by 0.15 percent to 29,772.72, down from 29,818.80 it traded on Tuesday.

Similarly, the market capitalisation of listed equities drops from N13.140 trillion on Tuesday to N13.119 trillion on Wednesday. Representing a decline of N21 billion.

A total of 1.2 billion shares valued at N67.9 billion were traded in 3,441 deals.

Forte Oil led gainers with N3.15 or 10 percent gain to close at N34.65 per share.

Followed by Dangote Sugar, which rose by N1 or 9 percent to N12 a unit.

Ecobank, Access and NEM Insurance Plc gained 0.80 kobo or 7.84 percent, 0.25 kobo or 3.88 percent and 0.22 kobo or 9.87 percent respectively.

Nestle top losers with N20 or 1.41 percent decline to N1400 per share. Seplat, Presco, Conoil and Unilever declined by N16.4 or 3.19 percent, N5 or 9.09 percent, N1.35 or 5.87 percent and N1 or 3.13 percent, respectively.

Forte Oil Plc, formerly owned by billionaire Femi Otedola, was the most traded stock with 973,252,173 shares worth N64,377,743,658.55 transacted, a larger part of that volume was transferred to the new owner Abdulwasiu Sowami.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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