The nation’s stock market got a bashing from the nation’s presidential election and the delay in the announcement of results, as investors lost a total of N170 billion on Tuesday and Wednesday.
On Tuesday, investors lost N84.4bn while they also lost N85.6bn on Wednesday, effectively erasing gains recorded in previous sessions before the elections.
At the end of trading on Wednesday, the All Share Index declined by 0.71 per cent, while the market capitalisation of equities listed on the floor of the Nigerian Stock Exchange dropped from N12.110tn to N12.024tn.
Zenith Bank Plc, Unilever Nigeria Plc and Oando Plc witnessed continued profit-taking, just as activity level strengthened as volume and value traded increased by 41.6 per cent and 10.1 per cent to 456.070 million units and N2.7bn, respectively.
Diamond Bank Plc (187.4 million units), Fidelity Bank Plc (45.1 million units) and Access Bank Plc (33.1m units) led top traded stocks by volume while the top traded stocks by value were Diamond Bank (N466.7m), Zenith Bank and Guaranty Trust Bank Plc (N242.7m).
However, performance across sectors was largely bearish with four of five sectors closing on a negative note.
The oil & gas index declined the most, down by 1.7 per cent on the back of losses in Oando Plc and Eterna Plc, while the banking, consumer goods and industrial goods indices declined by 1.4 per cent, 0.7 per cent and five basis points, respectively, based on sustained profit taking in Zenith Bank, Diamond Bank, Nestle Nigeria Plc, Unilever and Lafarge Africa Plc.
Gains in Cornerstone Insurance Plc buoyed, however, the Insurance index as it emerged the lone gainer, up by 0.1 per cent.
Investor sentiment as measured by the market breadth (advance/decline ratio) worsened to 0.3x from 3.1x recorded on Tuesday as 30 losers overshadowed gains recorded in 10 stocks.
Union Diagnostic and Clinical Services Plc, Oando, Wema Bank Plc, Veritas Kapital Assurance Plc and Eterna topped the losers table as their respective share prices shed 9.68 per cent, 9.66 per cent, 8.24 per cent, eight per cent and 7.37 per cent.
Neimeth International Pharmaceuticals Plc, PZ Cussons Nigeria Plc, NPF Microfinance Bank Plc, John Holt Plc and Jaiz Bank Plc led the gainers as with their share prices gaining 9.84 per cent, 9.35 per cent, 8.72 per cent, 8.33 per cent and 4.92 per cent, respectively.