The Nigerian stock market continued to downslide for the fourth consecutive trading days with the bears dominating trading activity, yesterday on the floor of Nigerian Stock Exchange, NSE resulting to the fall of market capitalisation by N262 billion.
In the same vein, the All Share Index, another major stock market gauge declined by 2.37 per cent to close at 27,935.77 points
All sectors traded in the red from the beginning to end of the session. The Industrial stocks received the highest beating, depreciating by 4.15 per cent followed by the Banking sector and Consumer Goods which shed 2.50 per cent and 2.28 per cent respectively.
Specifically, the Financial Services sector led the activity chart with 347.024 million shares exchanged for ¦ 3.332 billion. Conglomerates came next with 50.983 million shares traded for ¦ 0.154 billion, Consumer Goods, Oil And Gas, Industrial Goods sectors followed in that order on the activity chart
In the loser chart, Wapco declined 4.88 per cent to close at N78.95 per share followed by and Dangote cement dropping by 4.61 per cent to close at N145.00 to drag the Industrial stocks lower.
Almost all the Banking stocks closed the day lower with GT Bank dropping by 5.55 per cent to close at N17.86 per cent followed by Diamond Bank which nosedived by 5.00 per cent to close at N3.61. Access Bank Plc declined by 4.93 per cent to close at N5.59 per share.
Skye Bank Plc dipped by 4.92 per cent to close at N1.74 per share, followed by FCMB Plc which shed 4.31 per cent to close at N2.00 per share while First Bank Nigeria Holdings, FBNH Plc declined by 3.87 per cent to close at N6.70.
Other losers in the Banking sub sector include Zenith Bank Plc losing 1.57 to close at N15.69 per share and UBA Plc shed 1.32 per cent to close at N2.99.
The Consumer Goods index was pulled down by the capital depreciation seen on; Flourmill Nigeria Plc which dipped by -8.23 per cent to close at N28.00, followed by Dangote Sugar dropping 5.00 per cent to close at N6.46 per share
Champion Breweries declined by 4.96 per cent to close at N5.94 followed by Nascon which depreciated by 4.92 per cent to close at N6.18 per share. Dangote Flour lost 4.79 per cent to close at N3.78 followed b, Guinness which declined by 4.00 per cent to close at N120.00 per share. Nestle Nigeria Plc declined by 2.42 per cent to close at N746.25 and Nigerian Breweries, NB declined by 2.12 per cent to close at N129.01 per share.
Activity levels on the NSE reduced compared to Wednesday trading , recording N6.11 billion, or $29.92milliion and turnover amounted to N4.48 billion($22.24 million).
source-Vanguard