Nigerian stocks continue downward slide
The All-Share Index of the Nigerian Exchange Group (NGX) dropped by 1.33 per cent or 524 points to close at 38,781.48 points.
It recorded 259,512 million shares in 3,547 deals at the end of Wednesday. These deals made up a market value of N1.91 billion.
This followed the drop in the market capitalisation from N20.5 trillion to N20.3 trillion on Tuesday.
The trading day saw 19 gainers and 25 losers out of the 105 listed equities participating in trading.
In the gaining lead, Consolidated Hallmark Insurance went up by N0.3k and closed at N0.33k per share; Portland Paints and Products followed closely, gaining N0.20k and closing at N2.60k and Royal Exchange, which appreciated by N0.03k, closed at N0.45k.
For the losers, FTN Cocoa depreciated by N0.04k to close at N0.36k, Neimeth recorded a N0.17k loss to close at N1.73k, and International Brewery closed at N5.20k after a decline by N0.50k.
Market turnover closed on a positive note as volume moved up by 2.75 per cent as against the 23.40 per cent downward slope previously recorded in the previous session.
First Bank Nigeria Holdings and Transcorp were the most active to boost market turnover.
The highest volume of trades for the day included First Bank Nigeria Holdings with 69.47 million shares with stocks valued at N514.3 million.
Transcorp came second, recording 36.72 million shares with a market value of N32.97 million.
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