Investors in the nation’s stock market lost N426bn on Wednesday as 37 firms recorded price decline.
The market extended its losing streak to the eighth straight trading session amid negative sentiment.
The All-Share Index of the Nigerian Stock Exchange fell by 1.96 per cent to 40,696.01 basis points while the market capitalisation dropped by N426bn to N21.29tn.
The top five losers at the end of trading on the floor of the NSE were CAP Plc, Sunu Assurances Nigeria Plc, eTranzact International Plc, Fidson Healthcare Plc and Regency Alliance Insurance Plc.
CAP, Sunu Assurances Nigeria, eTranzact International, Fidson Healthcare and Regency Alliance Insurance saw their share prices drop by 10 per cent each to close at N18, N0.81, N2.25, N5.40 and N0.27 respectively.
Thirteen stocks recorded price appreciation, with Niger Insurance Plc, Champion Breweries, Wapic Insurance Plc, Academy Press Plc and Guinness Nigeria Plc emerging the biggest gainers.
Niger Insurance rose by 10 per cent to close at N0.22 per share while Champion Breweries gained 9.82 per cent to close at N3.02 per share.
Wapic Insurance appreciated by 7.41 per cent to N0.58 per share; Academy Press increased by 6.06 per cent to N0.35 per share; while Guinness rose by 4.83 per cent to N20.60 per share.
Analysts at Cordros Capital Limited noted that negative sentiments persisted in the equities market on Wednesday.
They said the NSE ASI was dragged by profit-taking on Dangote Cement (-7.4 per cent) and some banking stocks – Zenith Bank (-3.1 per cent) and United Bank for Africa (-6.9 per cent).
-PUNCH (NG)