John Holt, Vitafoam Top Gainers As Market Turnover Improves

The Nigerian Stock Market's losing streak continued on Wednesday, as the All-Share Index dipped 0.06% to 38233.68 basis points.

The Nigerian Exchange is now on track to have a two-week losing streak, as investors lost N12 billion due to profit-taking on bank stocks.

At the end of today's trading session, a total of 203,088,314 shares were traded in 3,594 deals, corresponding to a market value of N1.8 billion. While today's data showed a 19 percent decline in volume, market turnovers improved by 17 percent, along with a 2 percent improvement in deals.

The downturn of the market was driven by price depreciation in large and medium capitalised stocks amongst which are; Flour Mills, Zenith Bank, Guaranty Trust Bank, FBN Holdings, and United Bank for Africa.

Today's trading ended with 20 gainers and 14 losers. John Holt led the gainers with a 9.68 percent share price appreciation, closing at N0.68 per share, followed by Vitafoam Nigeria (+9.19%), Lasaco Assurance (+9.09%), and C&I Leasing (+8.52%). On the losing side, FTN Cocoa Processors came out last with an end-of-day price depreciation of 7.32 percent at N0.38 per share, followed by NPF Microfinance Bank (-5.62%),  Flour Mills (-5.25%), and Japaul Gold and Ventures (-1.75%). Fidelity Bank recorded the highest volume of 24.4 million traded shares, followed by Zenith Bank (22.1 million), Mutual Benefits Assurance (16.93 million), and Sovereign Trust Insurance (16.86 million).