The stock market remained gloomy on Wednesday as investor losses over the previous three days increased to N241.27 billion from N30 billion on Monday. At the close of trade on Monday, the Nigerian Exchange Limited’s equity market had lost N30 billion.
The market capitalization decreased to N26.753 trillion from N26.964 trillion as the All-Share Index of the Nigerian Exchange Limited dropped to 49,599.73 basis points on Wednesday from 49,991.41 basis points on Monday.
At the close of trade on Wednesday, 17 companies saw their shares rise while 16 saw their shares fall.
At the close of trading on the NGX floor on Wednesday, investors had transacted 3,426 trades totaling 128.94 million shares worth N 1.67 billion.
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 cen
