Equity transactions on the Nigerian Stock Exchange (NSE) on Wednesday reversed to the negative trend after appreciating for one day as market capitalisation depreciated by N19 billion.
TheElite Times reports that the market capitalisation decreased by 1.49 per cent to close lower at N12.563 trillion from the N12.753 trillion recorded on Tuesday.
Commenting, Mr Fakrogha Charles of Stockbroker, Foresight Securities and Investment Ltd., said that the depreciation was as a result of price losses recorded by major stocks in the market.
Charles also said that profit taking by most investors was another factor that contributed to the depreciation.
Meanwhile, the All-Share Index, which opened at 34,933.68, dropped by 519.31 points or1.49 per cent to close at 34,414.37.
Seplat Oil led the losers’ chart by N47 to close at N603 per share.
Dangote Cement depreciated by N7 to close at N223 per share, while Stanbic IBTC lost 1k to close at N47 per share.
FlourMill dipped by 8k to close at N21.2, while ETI fell by 45k to close at N19.55 per share.
On the other hand, Forte Oil and International Breweries led the gainers’ chart by N1 each to close at N20 and N33 per share respectively.
Nigerian Breweries gained 5k to close at N93.5, while Cileasing grew by 27k to close at N2.99 and Oando Oil appreciated by 1k to close at N1 per share.
UBA emerged as the most traded stock, accounting for 22.48 million shares worth N180.35 million.
Stanbic IBTC exchanged 19.24 million shares valued at N904.22 million, while FCMB sold 19.12 million shares worth 34.93 million.
Skye Bank traded 18.50 million shares valued at N9.67 billion, while AIICO sold 15.23 million shares worth 14.37 million.
In all, investors exchanged a total of 200.28 million shares worth N2.16 billion in 3,224 deals.
This was against the 240.46 million shares valued at N3.61 billion traded in 3,400 deals on Tuesday.