The equities market extended its bearish trend on Wednesday, shedding N1.762 trillion as investors recorded losses in major stocks.
Market capitalisation declined by 1.12 per cent to close at N157.493 trillion, compared with N159.255 trillion on Tuesday.
Similarly, the All-Share Index dropped by 2,756.48 points, or 1.12 per cent, to close at 243,967.09 against 246,723.57 recorded previously.
Consequently, the year-to-date return moderated to 56.78 per cent.
The downturn was driven by losses in stocks like: BUA Foods, Unilever, John Holt, AVA Capital and Austinlaz.
The market breadth closed flat with 28 gainers and 28 losers.
BUA Foods led the losers’ chart by 10 per cent, ending the session at N760.60, Unilever Nigeria trailed by 9.97 per cent, closing at N131.40 while John Holt shed by 9.90 per cent, settling at N9.10 per share.
AVA Capital declined by 9.50 per cent, finishing at N8.10 and Austinlaz went down by 8.81 per cent, closing at N2.90 per share.
Conversely, International Energy Insurance led the gainers’ chart by 10 per cent, finishing at N4.40, Ecobank Transnational Incorporated followed by 9.93 per cent, settling at N6.45 and Trans-Nationwide Express advanced by 9.77 per cent, ending the session at 21k per share.
Also, Computer Warehouse Group grew by 9.74 per cent, closing at N1.90 and Cornerstone Insurance climbed by 6.80 per cent, settling at 35k per share.
Market activity weakened during the session, with total volume traded declining by 62.78 per cent to 1.46 billion shares, valued at N20.94 billion in 39,085 transactions.
Fortis Global Insurance recorded the highest volume of 853.16 million shares, accounting for 58.63 per cent of the day’s total volume.
Also, First Holding Company led in value with N3.90 billion, representing 18.61 per cent of the total value traded.
