Equities Market Loses N288 Billion on Wednesday

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  • Equities Market Loses N288 Billion on Wednesday

The Nigerian Stock Exchange (NSE) once again returned to negative territory on Wednesday, after gaining for two consecutive days.

The NSE All-Share Index declined by 787.85 points or 2.37 from 33,191.45 recorded on Tuesday to close at 32,403.60 on Wednesday.

Also, the market value dipped by N288 billion or 2.38 percent to close N11.829 trillion from the N12.117 trillion it closes on Tuesday.

The Chief Operating Officer, InvestData Limited, Mr. Ambrose Omordion, attributed the decline to profit-taking by investors.

According to Omordion, investors took advantage of gains achieved in the last couple of days.

The NSE was weighed upon by the drop in the value of Nestle, which declined by N30 to close at N1,370 per share.

Followed by Dangote Cement that dropped N14.50 to close at N200, while Unilever declined by N2.65 to close at N43 per share.

On the other hand, Guinness led gainers, gaining N1 to close at N80.50 a unit share, while Forte Oil followed with a gain of 50k to close at N21.

Despite the drop in market value, the volume traded closed higher as investors bought and sold 380.97 million shares valued at N2.33 billion in 3,278 transactions.

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

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