NSE: Equity market loses thrust as index drops by 0.89%

Equity transactions on the trading floor of the Nigerian Stock Exchange (NSE) closed Wednesday on a negative note.

The NSE's All-Share Index fell by 344.48 basis points or 0.89 per cent to close at 37,949.11 compared to a rise by 395.29 basis points or 1.04 per cent recorded on Tuesday.

Similarly, the market capitalisation of the listed equities shed N110bn or 0.89 per cent to close at N12.124tn as against an appreciation of N126bn or 1.04 per cent, which saw market capitalisation close at N12.234tn the previous day.

The NSE-30 Index was also down, falling by 1.14 per cent or 20.46 basis points to close at 1,762.94, down from 1,783.40 Tuesday's close.

Investors exchanged a total of 291.730 million shares, worth N3.330bn in 4,695 on Wednesday as against 357.464 million shares valued at N3.263bn traded in 5,054 deals on Tuesday.

At the close of activities, 19 stocks recorded price appreciation, while 35 had price depreciation.

Conoil Plc topped the gainers' table with a gain of N6.40 or 10.23 per cent, which saw it close at N68.95 per share.

It was followed by Transnational Corporation of Nigeria Plc with a 9.89 per cent or 27 kobo appreciation in share price to close at N3.00.

Conoil and Transcorp had occupied the same position on the gainers' table on Tuesday.

Wema Bank Plc and Livestock Feeds Plc gained 8.40 per cent and 4.99 per cent to close at N1.29 and N3.58 per share, respectively, while CAP Plc rose by 4.98 per cent or N2.45 to close at N51.65 per share.

On the flip side, UAC Property Development Company Plc recorded the biggest loss. It fell by 4.98 per cent or 94 kobo to close at N17.94 per share.

It was followed by Custodian and Allied Insurance Company Plc and Eterna Plc, which fell by 4.89 per cent and 4.88 per cent to close at N1.75 and N2.73 per share, in that order.