Nigerian stocks cringed by 0.38 per cent on Wednesday after three days of advance, with traders’ resolving to book gains heaped up by big-cap equities over the past couple of days setting the broad index on a descent.
The index rose to its peak since September 2008 on Tuesday, helped by an investment exuberance that saw energy giant Seplat to its. But the tide turned at the Wednesday session as stocks as varied in sectors as MTNN, GTCO, Nigerian Breweries and Zenith triggered the slide. Market breadth, used by market watchers to determine investors’ sentiment to trade, was negative, with 33 laggards reported against 21 advancers.
The all-share index dipped 180.55 basis points to 46,930.66, while market capitalisation fell to N25.3 trillion.Ikeja Hotels appreciated by 10 per cent to close at N1.43. Conoil enlarged by 9.96 per cent to end trade at N26.50. Academy Press went up by 9.71 per cent to N1.13. RT Briscoe rose to N0.26, notching up 8.33 per cent in the process. Linkage Assurance completed the top 5, climbing by 6.52 per cent to N0.49.ABC Transport led losers, declining by 8.33 per cent to close at N0.33.
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