The Nigerian Exchange market recorded N324 billion loss on Wednesday for the first time this week.
This comes as Nigeria Exchange Limited’s market capitalisation, which opened at N89.696 trillion, dropped by 0.36 percent on Wednesday to close at N89.372 trillion.
Similarly, the All-Share Index also fell by 0.36 percent, or 512.60 points, to close at 141,248.76 on Wednesday, compared to 141,761.36 recorded on Tuesday.
The bearish trend on Wednesday was primarily driven by losses in Cornerstone Insurance, RT Briscoe, ABC Transport, NGX Group, Mutual Benefits, and 36 other stocks.
Consequently, the market breadth also closed negative with 40 losers against 17 gainers.
A breakdown of the market activities showed that Cornerstone Insurance and RT Briscoe, ABC Transport, and Mutual Benefits led the losers table.
Meanwhile, Deap Capital Management and Legend Internet reversed their losses on Tuesday to lead the gainers’ chart on Wednesday.
Analysis of the market activity revealed an increase in market volume and value with a decline in market transactions, as 682.9 million shares worth N22.2 billion were traded across 28,695 transactions. This is compared to 605.02 million shares valued at N12.89 billion that were exchanged across 28,845 transactions earlier on Tuesday.
FCMB Group led the activity chart in volume with 108.5 million shares valued at N1.19 billion, for the third time in the NGX trading session.
Nigerian stock market records N324bn loss
