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HomeBusinessNigeria's equity market on third consecutive loss, down 1.88% on bargain hunting

Nigeria’s equity market on third consecutive loss, down 1.88% on bargain hunting

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By Ifeyinwa Ezeokoli

The domestic equity market on Wednesday recorded its third consecutive loss this week, bringing down the benchmark index by 1.88 percent as investors sold off Airtel Africa and 13 others.

The All-Share Index (ASI) decreased by 1,016.42 points, representing a dip of 1.88 percent, to close at 53,018.97.

Thus, the month-to-date loss increased to -2.2 percent, while the year-to-date gain fell to +3.5 percent.

The decline puts the index on track for another week of losses.

Similarly, the market capitalization lost N553 billion to close at N28.883 trillion.

The downturn was impacted by losses recorded in medium and large-cap stocks, amongst which are Airtel Africa, Flour Mills, Unilever, Multiverse Mining and Exploration, and Champion Breweries.

Also, market breadth closed negative with 11 gainers versus 14 losers.

Airtel Africa led the losers’ chart in percentage terms by 10 percent to close at N1,331.10 per share.

READ ALSO: Forex inflow via investment into Nigeria declines to $1.06 bln in Q4 2022 ~NBS

Ikeja Hotel followed with a decline of 9.85 percent each to close at N1.19, while Multiverse Mining & Exploration lost 9.59 percent to close at N2.64 per share.

Royal Exchange lost 9.33 percent to close at 68, while Flour Mills shed 4.84 percent to close at N29.50 per share.

On the other hand, Wapic Insurance topped the gainers’ chart by 7.50 percent to close at $43 per share.

Mutual Benefits Assurance followed with 6.25 percent to close at 34,700, while CWG rose 5.26 percent to close at N1 per share.

Eterna went up by 4.46 percent to close at N5.85, while Cutix appreciated by 3.60 percent to close at N2.30 per share.

The total volume traded declined by 33.50 percent to 197.33 million shares valued at N2.68 billion exchanged in 3,506 deals.

Transactions in the shares of United Bank for Africa topped the activity chart with 61.13 million shares valued at N510.93 million.

Transcorp followed with 23.63 million shares worth N32.67 million, while Zenith Bank traded 12.369 million shares valued at N314.25 million.

Oando traded 9.45 million shares valued at N53.09 million, while Mutual Benefits Assurance transacted 4.22 million shares worth N1.39 million.

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