Trading activities on the floor of the Nigerian Stock Exchange (NSE) closed in a negative trend for the sixth consecutive trading session.
The local bourse is yet to record its first gain in 2019 as investors, mostly foreign portfolio investors, continue to pull out of the market to observe happenings in the country from the sidelines.
This is because the anxiety created in the country by political gladiators is making some investors to jump out of the bus, while news of the exit of Teleology from 9mobile is also giving some of them something to worry about, especially concerning the repayment of the $1.2 billion syndicated loan the telco collected from the banks trading their shares on NSE few years ago, which plunged it into crisis.
At the close of market on Wednesday, the banking index reacted to this with a decline of 0.28 percent on the back of losses posted mostly by the lenders involved in the loan; GTBank, Access Bank, UBA, First Bank and Diamond Bank.
However, the huge loss of 4.35 percent recorded by the Industrial sector was mainly responsible for the bearish closure of the stock market yesterday.
Also, the Insurance index fell by 3.06 percent, while the Consumer Goods index and the Oil/Gas index appreciated by 0.74 percent and 0.15 percent respectively.
When market activities were wrapped up in the midweek session, the market depreciated by 2.33 percent, dragging the year-to-date loss to 6.66 percent.
Specifically, the All-Share Index (ASI) went down by 699.35 points to settle at 29,336.80 points, while the market capitalisation decreased in value by N261 billion to stay at N10.940 trillion from N11.201 trillion it was the previous day.
Meanwhile, the stock market registered 19 losers against just 14 gainers at the close of business on Thursday.
The heaviest price loser was Dangote Cement, which suffered a loss of N16 to finish for the day at N170 per share.
It was followed by GTBank, which crashed by 70 kobo to finish at N31.30k per share, and Eterna, which went down by 40 kobo to end at N3.95k per share.
Custodian Investment and Access Bank both lost by 35 kobo each to close at N5.60k per share and N5.50k apiece.
Conversely, it was a good day for Unilever Nigeria as its share price rose by N3.25k to settle at N37 per unit.
Julius Berger appreciated by N2.35k to close at N25.85k per share, while Flour Mills grew by 85 kobo to end at N18.85k per share.
Zenith Bank increased its share value by 70 kobo to finish at N21 per share, while Mobil Oil Nigeria garnered 40 kobo to close at N184 per share.
Despite the loss recorded on Wednesday, the market recorded a rise in the volume of shares exchanged by investors, though the value dropped.
The volume of shares traded increased by 8.62 percent from 216.3 million to 234.9 million, while the value went down by 15.88 percent from N2.7 billion to N2.3 billion.
It was observed that investors continued with the offloading of Diamond Bank shares, closing on Wednesday as the most active stock on the exchange with a turnover of 54.7 million units sold for N103.9 million.
It was followed by GTBank, which exchanged 27.7 million units worth N865.7 million, and Zenith Bank, which transacted 25.8 million units of its stock for N526.3 million. FBN Holdings sold 21.5 million shares valued at N152.1 million, while Transcorp traded 15.5 million equities worth N18 million.