The market correction embarked upon by investors on the Nigerian Stock Exchange (NSE) continued on Wednesday with trading closing lower due to portfolio reshuffling.
The News Agency of Nigeria (NAN) reports that the All-Share Index declining further by 426.45 points or 0.96 per cent to close at 43,963.40 compared with 44,389.85 posted on Tuesday.
In the same vein, the market capitalisation which opened at N15.902 trillion, dipped N143 billion or 0.90 per cent to close at N15.759 trillion.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the downward trend to market correction and portfolio rebalancing ahead of 2017 earnings season.
Omordion said that portfolio reshuffling was on the strength of companies’ fundamentals and payout possibilities.
He said that profit taking and volatility would likely continue, noting that investors who had taken position in valued stocks should not panic.
The analyst said that investors should go for equities with intrinsic value and allow numbers to guide their investment decisions.
NAN reports that Guaranty Trust Bank led the losers’ chart, shedding N1.10 to close at N50.90 per share.
Zenith International Bank trailed with a loss of N1 to close at N31, while Cadbury depreciated by 98k to close at N15.01 per share.
FBN Holdings shed 52k to close at N12.50, while Berger Paint also declined by 52k to close at N9.58 per share.
Conversely, Nestle recorded the highest gain to lead the gainers’ table, appreciating by N3.89 to close at N1,475 per share.
Nigerian Breweries followed with a gain of N2.99 to close at N147.99, while Cement Company of Northern Nigeria (CCNN), increased by 60k to close at N17.90 per share.
Lafarge Africa appreciated by 52k to close at N52.50, while PZ Industries grew by 29k to close at N23.79 per share.
Transcorp was the most active stock during the day, exchanging 91.04 million shares valued at N173.15 million.
Skye Bank followed with an exchange of 83.26 million shares worth N117.49 million, while FBN Holdings traded 60.67 million shares valued at N754.42 million.
Unity Bank exchanged 43.91 million shares worth N58.04 million, while FCMB Group sold 38.59 million shares valued at N118.47 million.
The volume of shares traded dropped by 27.29 per cent with a total of 536.43 million shares worth N5.18 billion transacted in 1,370 deals.
This was in contrast with 737.86 million shares valued at N7.67 billion traded in 8,927 deals on Tuesday. (NAN)