The Nigerian bourse on Wednesday closed lower to reverse the previous day’s gain as bears regained their grip following fear of insecurity arising from #EndSARS protest that degenerated into mayhem across the country.
Hoodlums had set some key infrastructures ablaze in Lagos, the commercial capital of the nation, which dampened investors ‘sentiment.
The equity market declined by N113bn as bears maintained their grip on the local bourse.
Market breadth closed negative as Royal Exchange lead 33 other losers to close the trading session on the negative note.
Consequently, the All-Share Index dipped 216.333 basis points or 0.75 per cent to close at 28,449.49 index points as against 28.665.82 recorded the previous day.
Market capitalisation of equities depreciated by N113bn from N14,98tn the previous day to N14.87tn as market sentiment remained on the negative territory.
Meanwhile, a turnover of 326.58 million shares exchanged in 4,367 deals was recorded in the day’s trading.
The premium sub-sector was the most active (measured by turnover volume); with 144.75 million shares exchanged by investors in 1,907 deals.
Volume in the sub-sector was largely driven by activities in the shares of UBA Plc and Zenith Bank Plc.
Also, the banking sub-sector boosted by the activities in the shares of Fidelity Bank Plc and GTBank Plc followed with a turnover of 60.08 million shares in 651 deals.
Further analysis of the day’s trading showed that in percentage terms, Wapic Insurance Plc led the gainers’ with a growth of 10 per cent to close at 44 kobo per share while Portland Paints Plc gain 2.50 per cent to close at N2.05 per share.
UAC Property Plc trailed with 1.23 per cent to close at 82 kobo per share.
On the flip side, Royal Exchange Plc topped the day’s loser’ table with 8 per cent to close at 23 kobo per share while Neimeth Pharmaceuticals Plc followed with 757 per cent to close at N1.71 per share.
Union Dicon Plc dropped 7.41 per cent to close at 25 kobo per share.