Equities on free fall as market index dips by 0.47%

Stock Market equities fell on Thursday at the Nigerian Stock Exchange (NSE), extending a losing streak, which started on Monday to the fourth consecutive day.

The All-Share Index fell by 0.47 per cent or 190.33 basis points to close at 40,601.74, as against a depreciation of 0.96 per cent on Wednesday.

Similarly, the market capitalisation of the listed equities was down by N61bn or 0.47 per cent to close at N13.015 per cent, compared to a N127bn or 0.96 per cent decline, which saw the market capitalisation close at N13.076tn in the previous session.

At the close of trading, a total of 37 stocks fell with just 16 recording price appreciation as against 46 losers and 11 gainers the previous day.

Oando Plc was the top loser for the day, shedding 9.71 per cent or N2.04 to close at N18.98 per share, followed by Livestock Feeds Plc with an 8.90 per cent share price depreciation to close at N3.85 per share.

Highly capitalised stocks such as Forte Oil Plc and Guinness Nigeria Plc were among the losers for the day. Both companies shed 1.74 per cent each to close at N90.20 and N226 per share, respectively.

Sterling Bank was up by 4.98 per cent to close at N2.32 per share; Zenith Bank gained 3.91 per cent to close at N23.90 per share, while Diamond Bank added 3.76 per cent to close at N6.90 per share.

Trans-nationwide Express Plc was the top gainer for the day, rising by 9.65 per cent or 22 kobo to close at N2.50 per share; followed by Africa Prudential Registrars, which rose by 8.19 per cent or 23 kobo to close at N3.04 per share.

The general share price depreciation brought about by continued profit-taking by investors saw the major market indicators declining for the fourth day this week.