The Nigeria Stock Exchange (NGX) Limited witnessed low trading volume on Wednesday resulting in investors losing N12 billion.
Only 51.9 million shares worth N590.0 million exchanged hands in 2,981 deals compared with the 147.6 million shares worth N2.4 billion transacted on Tuesday in 3,323 deals, indicating a decline in the trading volume, value and number of deals by 64.85 per cent, 75.35 per cent and 10.29 per cent, respectively.
Zenith Bank, which recorded the highest volume of trades, sold 6.3 million shares valued at N125.5 million and was followed by GTCO, which sold 5.0 million stocks for N94.9 million. Sterling Bank transacted 4.9 million equities for N7.3 million, Fidelity Bank exchanged 3.9 million shares for N13.6 million, while Transcorp traded 3.0 million equities worth N3.1 million.
The banking sector witnessed bargain hunting in the midweek session, but the 0.49 per cent rise reported could not save the market from falling.
This was because the losses posted by the other sectors were too heavy on the exchange as the insurance space crashed by 1.21 per cent, the energy counter weakened by 0.10 per cent, the industrial goods sector fell by 0.03 per cent, and the consumer goods sector depreciated by 0.02 per cent.
When the market closed for the day, the All-Share Index (ASI) was down by 0.05 per cent or 23.40 points to 49,421.91 points from 49,445.31 points, while the market capitalisation decreased by N12 billion to N26.658 trillion from N26.670 trillion.
The market breadth was negative yesterday as there were 12 price losers and 10 price gainers.
Academy Press lost 9.78 per cent to finish at N1.66, NEM Insurance dropped 6.08 per cent to settle at N5.25, Cadbury Nigeria declined by 5.45 per cent to N13.00, Jaiz Bank retreated by 4.76 per cent to 80 Kobo, while NGX Group went down by 4.38 per cent to N18.55.
On the flip side, Unity Bank appreciated on Wednesday by 10.00 per cent to quote at 44 Kobo, Multiverse improved by 9.82 per cent to N3.13, Fidelity Bank grew by 5.46 per cent to N3.67, Honeywell Flour expanded by 3.98 per cent to N2.35, and Chams rose by 3.45 per cent to 30 Kobo.