By Francis Ogwo
The Nigerian equity market dropped to the red zone on Wednesday as investors commenced the profit taking to boost increase in capital gains.
Statistics from the market revealed a decline in the Nigerian Stock Exchange All-Share Index by 0.3 per cent as bargain hunters widen sell-offs to take profits from gains recorded last week.
The market breadth closed negative with 22 losers against 19 gainers.
This implied that the All-Share Index dropped by 90.8 basis points or 0.3 per cent to close at 35,056.82 basis points as against 35,147.62 recorded the previous day.
The market capitalisation of equities depreciated by N42bn to close at N18.32tn from N18.36tn as market sentiment returned to the red zone.
Meanwhile, a turnover of 368.97 million shares exchanged in 4,598 deals was recorded in the day’s trading.
The premium subsector was the most active during the day (measured by turnover volume); with 162.20 million shares exchanged by investors in 1,620 deals.
Volume in the subsector was largely driven by activities in the shares of FBNH Plc and Access Bank Plc.
The banking subsector of the financial services sector was boosted by activities in the shares of Fidelity Bank Plc and GTBank Plc followed with a turnover of 56.62m shares in 763 deals.
The number of gainers at the close of trading session was 19 while decliners closed at 22.
On the gainers table, AIICO Insurance Plc took the lead with a gain of 9.90 per cent to close at N1.11 per share while Regency Alliance Assurance Plc followed with a gain of 9.09 per cent each to close at 24 kobo per share. FTN Cocoa Plc added 8.70 per cent to close at 25 kobo per share.
Also on the loosers table had C and I Leasing Nigeria Plc leading as it dropped 9.90 per cent to close at N4.46 per share. This is with AXA-Mansard Insurance Plc following with 9.70 per cent to close at N2.14 per share. NNFM Plc aslo posted a loss of 9.67 per cent to close at N6.26 per share.