The equities market continued its bearish trend on Wednesday as investors’ three days loss rose to N241.27bn from N30bn loss on Monday.
The equities market of the Nigerian Exchange Limited had declined by N30bn at the end of trading on Monday.
The All-Share Index of the Nigerian Exchange Limited fell to 49,599.73 basis points on Wednesday from 49,991.41 basis points on Monday, while the market capitalisation fell to N26.753tn from N26.964tn.
At the end of trading on Wednesday, 17 firms recorded share price appreciation while the share prices of 16 firms declined.
A total of 128.94 million shares valued at N 1.67bn were traded by investors in 3,426 deals at the end of trading on the floor of the NGX on Wednesday.
Analysts at Coronation Research said, “Today, activities on the local bourse ended mixed, albeit with a bearish tilt as the benchmark index lost 0.02 per cent to close at 49,635.76 points, the lowest level since 24 August.”
It added that analysis of Wednesday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions reducing by 38.79 per cent.
According to analysts at Cordros Securities, “Trading in the local bourse remained bearish as investors took profits off FCMB (-8.0 per cent) stock. Thus, the All-Share Index shed 2bps to close at 49,635.76 points. Consequently, the month-to-date and year-to-date returns were unchanged at -0.4 per cent and +16.2 per cent, respectively.”
Analysts at Greenwich Merchant Bank said, “The equity market closed Wednesday on a bearish note as the NGX-ASI and market capitalisation declined by 0.09 per cent.