Stock market falls further, investors lose N38bn

Trading activities on the floor of the Nigerian Stock Exchange closed on a negative note on Wednesday to sustain negative sentiment following losses recorded by some blue-chip firms.

The market breadth equally closed negative, with seven gainers against 23 losers.

The All-Share Index dropped by 72.41 basis points or 0.28 per cent to close at 25,424.91 as against 25.497.32 the previous day while the market capitalisation of equities depreciated by N38bn to close at N13.26tn from N13.30tn.

Meanwhile, a turnover of 269.63 million shares traded in 4,155 deals was recorded in the day’s trading.

The premium subsector was the most active during the day (measured by turnover volume), with 130.03 million shares traded by investors in 1,725 deals.

Volume in the subsector was largely driven by trading activities on the shares of FBN Holding Plc and Zenith Bank Plc.

The banking subsector was boosted by activities in the shares of Wema Bank Plc and Guaranty Trust Bank Plc, with a turnover of 49.93 million shares traded in 733 deals.

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Shares of Fidson Healthcare Plc led the gainers chart, appreciating by 7.28 per cent to close at N3.98 per share.

PZ Cussons Plc followed with a gain of 6.25 per cent to close at N4.25 per share while Custodian Investment Plc gained 3.13 per cent to close at N4.95 per share.

On the other hand, shares of Royal Exchange Plc led the losers with a loss of 10 per cent to close at 27 kobo per share.

Livestock Feeds Plc plunged 9.09 per cent to close at 60 kobo per share while C&I Leasing Plc dropped 8.97 per cent to close at N3.55 per share.

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