Transactions on the Nigerian Exchange closed on a negative territory on Wednesday with a marginal loss of N2 billion due to profit taking.

Consequently, the market capitalisation which opened at N20.606 trillion lost N3 billion to close at N20.603 trillion.

Also, the All-Share Index declined by 4.69 points, representing a drop of 0.01 per cent to closed at 39,545.67 from 39,550.36 achieved on Tuesday.

Accordingly, month-to-date and year-to-date return stood at 2.6 per cent and -1.8 per cent, respectively.

The downturn was as a result of investors’ sell interest in the insurance sector.

The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; Guaranty Trust Bank Holding Company, SCOA Nigeria, Caverton Offshore Support Group, Access Bank and Ecobank Transnational Incorporated.

However, investor sentiment as measured by market breadth closed positive with 19 gainers against 17 losers.

Pharma Deko dominated the gainers’ chart in percentage terms with 10 per cent to close at N1.43 per share.

BOC Gases came second with 9.78 per cent to close at N10.10, while Honeywell Flour Mills improved by 9.72 per cent to close at N2.71 per share.

Courteville Business Solutions rose by eight per cent to close at 27k, while Associated Bus Company gained 6.06 per cent to close at 35k per share.

On the other hand, SCOA Nigeria led the losers’ chart in percentage terms by 9.66 per cent to close at N1.59 per share.

Prestige Assurance followed with 8.33 per cent to close at 44k, while Regency Alliance Insurance lost 6.98 per cent to close at 40k per share.

Mutual Benefits Assurance dropped 5.71 per cent to close at 33k, while Caverton Offshore Support Group shed 5.49 per cent to close at N1.72 per share.

The total volume of trades increased by 19.22 per cent with an exchange of 132.08 million units valued at N2.67 billion in 3,307 deals.

This was against a total of 110.77 million shares worth N3.08 billion traded in 3,305 deals on Tuesday.

Transactions in the shares of Transcorp topped the activity chart with 14.15 million shares valued at N13.53 million.

Chams followed with 14.07 million shares worth N2.91 million, while Zenith Bank traded 8.52 million shares valued at N206.229 million.

GTCO traded 6.22 million shares worth N174.96 million, while Oando transacted 5.38 million shares valued at N26.78 million. 

(NAN)