The Nigerian stock market yesterday extended losses as activities on the shares of blue chip companies lowered down momentum with a loss of N30 billion.
Market watchers believe the stock market will witness continuous volatility as macro concerns linked to the falling oil price and currency drive investor sentiments.
Consequently, the All-Share Index shed 88.7 basis points or 0.37 per cent to close at23.517.19 basis points as against 23.605.89 recorded the previous day while market capitalisation of equities depreciated by N30 billion or 0.37 per cent to close lower at N8.088 trillion as against N8.118 trillion as market sentiments closed on the red territory.
Meanwhile, a turnover of 2.64 billion shares worth N3.7 billion in 3,057 deals was recorded in the day’s trading.
The banking services sub-sector was the most active during the day (measured by turnover volume); with 2.5 billion shares worth N2.6 billion exchanged by investors in 812 deals.
Volume in the sub-sector was largely driven by activities in the shares of Wema Bank Plc and GTB Plc. Also, the Premium board sub-sector, boosted by activities in the shares of FBNH Plc, followed with a turnover of 53.04 million shares valued at N374.8 million in 677 deals.
Further analysis of the day’s trading showed that International Breweries Plc topped the day’s gainers’ table with 9.71 per cent to close at N19.55 per share while Forte Oil Plc followed with 9.35 per cent to close at N310.00 per share and Guinness Nigeria Plc with a gain of 4.78 per cent to close at N122.34 per share.
On the flip side, Seven Up Plc and Nestle Nigeria Plc led the losers with a drop of five per cent each to close at N177.61 and N703.00 per share respectively while Dangote Sugar Plc shed 4.98 per cent to close at N5.91 per share.