The Nigeria’s equities market fell further Wednesday as the bears tightened their hold after regaining control Tuesday. Consequently, the Nigerian Stock Exchange (NSE) All-Share Index depreciated by 0.45 per cent to close at 37,253.25, driving down the year-to-date decline to 2.59 per cent.
A total of 25 stocks, still dominated by bellwether counters, shed value, while 17 appreciated. Heavy weights such as Dangote Cement, GTBank Plc, United Bank for Africa Plc and Lafarge Africa Plc were among the price losers. However, Julius Berger Nigeria Plc recorded the highest price loss of 10 per cent to close at N27.00 per share, trailed by Thomas Wyatt Nigeria Plc with 8.8 per cent to be at N0.31. Linkage Assurance Plc and Sovereign Trust Insurance Plc went down by 8.7 per cent and 8.3 per cent respectively.
On the other hand, Custodian Investment Plc led the gainers, chalking up 10 per cent to close at N6.27 per share. MCnichols Plc appreciated by 9.8 per cent. Double One Plc and Equity Assurance Plc advanced 9.3 per cent and 9.0 per cent in that order.
According to market analysts, the current bearish trend will be sustained in the absence of an individual company news to drive positive price movements on counters.