The investors in equities market of the Nigerian Exchange Limited has recorded a huge loss of N71.44bn at the end of the trading session as oil, gas and banking stocks drop.
The NGX All-Share Index on Thursday dropped to 43,108.77 basis points from 43,245.02bps on Wednesday while the market capitalization submerged from N22.57tn to N22.49tn.
However, the market decline was on the back of sell-off in Nigerian Breweries Plc, Seplat Energy Plc and some other market bellwethers.”
Analyst stated that, Market activities were positive as the total volume and value traded was appreciated by 9.43 % and 12.53 %, respectively.
A total of 266.12 million shares valued at N4.22bn were exchanged in 3,905 deals on Thursday, compared to 243.19 million shares valued at N3.75bn in 3,777 deals the previous day.
Analysing by sectors, the NGX Insurance Index recorded the only gain of the day as it rose by 0.64 %.
The oil and gas, banking, consumer goods and industrial goods indices dropped by 1.64 %, 1.16 %, 1.06 % and 0.01 % respectively.
Honeywell Flour Mills Plc emerged the most traded stocks by volume, accounting for 19.72 % of the total volume of trades while Seplat was the most traded stock by value, accounting for 28.08 %.
The market sentiment, as measured by the market breadth, was negative as 23 firms declined, compared to 14 gainers.
MRS Oil Nigeria Plc recorded the biggest loss on Thursday as its share price fell by 9.87 %.
Chams Plc shed 8.7 % of its share price to close at N0.21. Other major losers were Ecobank Transnational Incorporated, Consolidated Hallmark Insurance Plc and Unity Bank Plc.
The gainers chart was Honeywell Flour Mills Plc, which regained its footing as it nearly reversed the previous day’s at 9.78 % decline with a 9.76 % rise in its share price to N4.05 per share.
The rest of the top winners were AIICO Insurance Plc, regency Alliance Insurance Plc and Ikeja Hotel Plc.