The Nigerian stock market extended its decline into the third consecutive day this week, resulting in a loss of N2.18 billion for investors on Wednesday. The All Share Index and market capitalization both experienced slight dips of 0.004 per cent, settling at 99,802.08 and N56.46 trillion, respectively.
Earlier in the week, trading resumed with a substantial loss of N8.62 billion, attributed to declines in Caverton Offshore, Associated Bus Company, Nigeria Breweries, and 38 other stocks. Tuesday saw a further downturn as equity investors suffered losses amounting to N114 billion. Despite these setbacks, the year-to-date return for the stock market remains at a promising 33.56 per cent.
The banking sector dominated both trading volume and value charts. Notable gainers included Fidelity Bank, Zenith Bank, United Bank for Africa, and Guaranty Trust Bank Holdings. Bullish activity prevailed during the day’s trading session, with 26 gainers outpacing 22 losers.
Among the top losers were Thomas Wyatt Nigeria Plc, experiencing a 10 per cent decline to close at N2.16, Daar Communications with an 8.77 per cent drop ending at N0.52, and Nigeria Breweries losing 8.37 per cent to settle at N29.
Conversely, Associated Bus Company led gainers with a 10 per cent increase to N0.77, followed by Eterna rising by 9.98 per cent to N18.35, and Computer Warehouse Group gaining 5.48 per cent to N6.90.
Overall, the Nigerian equity market faced continued volatility amidst mixed performances across various sectors.
