Nigerian equity market still bearish, loses 3.35%

* Industrial, Consumer Goods indices shed 9.70% and 4.96% respectively

Web Editor | ConsumerConnect

With continued falling stock prices, the Nigerian Capital market stretched its downtrend further on Wednesday, March 11, on the back of sell offs in Nestlé, Dangote Cement, Zenith Bank and WAPCO.

Report says the All Share Index (ASI) dipped 3.35 percent to 23,572.75 points, whereas Market Capitalisation declined by ₦425.22 billion to ₦12.28 trillion.

Consequently, the bourse has posted a -12.18 percent return this year.

Volume and value traded rose by 134 per cent and 319 percent to 1.39billion units and ₦17.64billion respectively, as Zenith Bank emerged the most traded stock with 412.40million units, GTBank (385.18m units) and FBNH (303.03m units) were second and third respectively.

GTBank (₦7.24bn) however, topped the activity chart in terms of value, Zenith Bank (₦5.05bn) and Nestle (₦1.84bn) followed.

Across sectors, only two indices appreciated- Services (0.43 per cent) and ICT (0.01 per cent).

On the flipside, the Industrial Goods and Consumer Goods indices led the laggards, shedding 9.70% and 4.96% respectively on the back of losses in NESTLE (-10%), DANGCEM (-10%), CADBURY (-9.77%) and WAPCO (-3.66%).