Negative sentiments continued on the nation’s bourse on Wednesday with the market capitalisation dropping further by N6 billion following sell pressure of some blue chips.

Specifically, the market capitalisation lost N6 billion or 0.03 per cent to close at N20.210 trillion compared with N20.216 trillion achieved on Tuesday.

In the same vein, the All-Share Index dipped 11.12 points or 0.03 per cent to close at 38,791.03 from 38,802.15 recorded on Tuesday.

Accordingly, the month-to-date gain stood at 2.3 per cent, while the year-to-date loss remained flat at 3.7 per cent.

The negative performance of the market was driven by price depreciation in large and medium capitalised stocks amongst which are; Eterna, Zenith Bank, Vitafoam Nigeria, Pharma-Deko Plc and United Bank for Africa.

Analysts at Afrinvest Ltd. predicted that the sell pressure would persist as investors adjusted their holdings in the light of the new policy of the Central Bank of Nigeria halting supply of forex to Bureau De Change operators.

Consolidated Hallmark Insurance and Tripple GEE led the losers’ chart in percentage terms by 10 per cent each to close at 54k and 90k per share, respectively.

Pharma-Deko followed with a decline of 9.92 per cent to close at N1.09 per share.

Regency Alliance Insurance lost 6.82 per cent to close at 41k, while Eterna shed 6.58 per cent to close at N7.10 per share.

Conversely, Capital Hotel led the gainers’ chart in percentage terms with 9.85 per cent to close at N2.90 per share.

Oando followed with 9.81 per cent to close at N5.26, while BOC Gases went up by 8.88 per cent to close at N9.20 per share.

FTN Cocoa Processors rose by 8.16 per cent to close at 53k, while Livestock Feeds gained 4.80 per cent to close at N2.40 per share.

Transactions in the shares of Oando topped the activity chart with an exchange of 44.29 million shares valued at N232.96 million.

UBA trailed with 19.65 million shares worth N150.75 million, while Wema Bank traded 14.24 million shares valued at N11.88 million.

Access Bank sold 13.29 million shares worth N123.73 million, while Jaiz Bank transacted 12.29 million shares worth N7.58 million.

In all, the total volume of transactions dropped by 2.3 per cent to 237.51 million shares valued at N1.88 billion in 4,305 deals.

This was in contrast with 243.09 million shares worth N1.89 billion exchanged in 4,326 deals on Tuesday. 

(NAN)