The equities market of the Nigerian Stock Exchange (NSE) depreciated by N109 billion on Wednesday, attributable to investors profit-taking in MTN Nigeria plc, Guaranty Trust Bank plc (GTBank), among others.
The market capitalization opened for trading on Wednesday at N13.307 trillion, shedding 0.82 per cent to close at N13.198 trillion, while the All-Share Index decline by 0.84per cent to 27,083.11 basis points from 27,306.81 basis points.
The decline of Wednesday is the largest single-day decline in 2019 since the 1.86per cent loss recorded on the 11th of July to 27,083.11 basis points.
Consequently, the month-to-date and year-to-date losses worsened to -2.29 per cent and -13.83per cent respectively.
Nonetheless, the total volume of trades increased by 6.5 per cent to 235.12 million units, valued at N3.29 billion, and exchanged in 3,922 deals.
GTBank was the most traded stock by volume and value at 49.86 million units and N1.30 billion respectively.
The Insurance sector was the sole gainer across sectors, with the index rising by 0.45per cent.
Conversely, the Industrial Goods (-1.55per cent), Banking (-1.26per cent), Oil & Gas (-1.22per cent), and Consumer Goods (-0.46per cent) indices all closed in the red. Market sentiment, as measured by market breadth, was negative (0.15x) as 30 tickers recorded losses relative to four gainers.
On the decliners list, UACN (-10.00per cent) and NPFMCRFBK (-9.32per cent) recorded the largest losses, while CONTINSURE (+4.32per cent) and CUSTODIAN (+3.33per cent) led the gainers’ list.
Analysts at Investment One, said “The equities market closed down today due to the losses recorded in Banking and Consumer Goods Sectors. Despite the recent losses, we maintain that investors should take positions in quality names with a medium to long term investment horizon.”