The Nigerian stock market witnessed share price depreciation for the second consecutive day in the week as bears take toll.
The negative outlook was attributed to the low performance of the banking sub-sector which is one of the most highly capitalized stocks on the exchange.
The volume traded in the banking sub-sector rallied down yesterday bringing the total volume at 142.11 million ordinary shares worth N3.16 billion in 6,865 deals compared with 295 million shares valued at N5.39 billion exchanged in 7,935 deals on Monday.
The market capitalization of the equities opened at N11.416 trillion, dropped by N297 to close at N11.119 trillion, representing about 2.60 per cent.
In the same vein, the All-share index equally depreciated by 2.60 per cent to close at 57,101.72 index points.
Sixty-seven stocks depreciated in price led by Oando Plc with N10.60 to close at N201.40, Benue Cement Company followed with a loss of N2.47 to close at N46.93, Flour Mills shed N2.36 to close at N87.49and Ashaka Cement lost N2.22 to close at N42.37.
Other losers’ on the chart include Zenith Bank with N2.20 to close at N42.30. Intercontinental Bank fell by N2.13 to close at N40.62, Lafarge Wapco depreciated by N2.00 to close at N51.00, First Bank of Nigeria (FBN) slipped by N1.85 to close at N38.10, Ecobank Transnational Incorporated (ETI) lost N1.76 to close at N47.92 while Dangote Sugar Refinery depreciated by N1.58 to close at N30.41.
Also, Union Bank of Nigeria (UBN) dropped by N1.48 to close at N35.32, Platinum Habib shed N1.39 to close at N26.46, Costain (WA) fell by N1.36 to close at N25.92 while Guaranty Trust Bank (GTBank) and Oceanic Bank lost N1.28 per share to close at N24.41 respectively.
On the other hand, eighteen stocks appreciated in price with Mobil Oil Nigeria gained N9.37 to close at N196.87. Guinness Nigeria came second with a gain of N1.80 to close at N130.00, Eterna Plc added N1.66 to close at N34.92 and Presco Plc grew by N1.39 to close at N29.39.
Also, Dangote Flour was up by N1.36 to close at N29.05, Longman Nigeria gained N1.20 to close at 25.20, Afribank Nigeria appreciated by N1.10 to close at N25.30, Access Bank rose by 89 kobo to close at N18.69 while Berger Paints climbed up by 67 kobo to close at N14.08.
Analysis of transactions on the Nigerian Stock Exchange (NSE) showed the insurance sub-sector as the most active leading with a total turnover of 724.15 million shares valued at N1.47 billion in 3,357deals, banking sub-sector came second with a turnover 142.11 million shares worth N3.16 billion exchanged in 6,865 transactions, construction sub-sector followed with a turnover of 10.59 million shares valued at N290.35 million in 701deals and conglomerates sub-sector ranked fourth with a turnover of 7.80 million shares worth N68.68 million 439deals.
Food/beverages and tobacco sub-sector recorded a turnover of 7.18 million shares valued at N170.77 million in 970 transactions, airline services sub-sector had a turnover of 5.99 million shares worth N25.80 million in 271 deals while agriculture/agro-allied sub-sector came behind with a turnover of 3.56million shares valued at N86.60million in 187 deals.
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