Equity Market Falls 0.18% Amid Selling Pressure

The stock market closed on a negative note on Wednesday as performance indices declined by 0.18 per cent due to selling pressure in large capitalised stocks.

Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation declined by N119 billion, or 0.18 per cent, to N65.470 trillion from N65.589 trillion recorded on Tuesday.

The All-Share Index also fell by 0.18 per cent or 189.73 points to close at 104,187, down from 104,376.73 posted on Tuesday.

Meanwhile, the market breadth closed positive with 33 gainers and 23 losers.

On the gainers’ chart, Livestock Feeds soared by 10 per cent to close at N8.03 while VFD Group also increased by 10 per cent to close at N72.60 per share.

NGX Group rose by 9.86 per cent to close at N35.65 and WAPIC Insurance gained by 9.60 per cent to close at N1.94 per share.

Similarly, Union Dicon Salt increased by 9.48 per cent to close at N6.35 per share.

On the losers’ chart, Learn Africa dropped by 10 per cent to close at N2.97 and Haldane McCall Plc also fell by 10 per cent to close at N5.22 per share.

Ecobank Transnational Incorporated declined by 9.9 per cent to close at N26.85 while PZ Cussons Nigeria lost by 9.88 per cent to close at N30.10 per share.

Also, Unilever dropped by 9.75 per cent to close at N34.70 per share.

A total of 376.61 million shares valued at N11.89 billion were exchanged across 11,576 transactions.

This is compared to a total of 460.57 million shares worth N10.105 billion that was traded across 14,528 transactions.

Transactions in the shares of Guaranty Trust Holding Company topped the activity chart with 62.88 million shares worth N4.09 billion.

Access Corporation followed with 51.377 million shares valued at N1.05 billion while Zenith Bank sold 32.33 million shares worth N1.518 billion.

United Bank for Africa transacted 22.56 million shares valued at N775 million and Mutual Benefits Assurance traded 18.199 million shares worth N16.62 million.