Bearish Trend: Nigerian Equities Shed N62 Billion

The market had leaped by 0.05 per cent on Tuesday, June 2,  following increased demand for shares by some investors.

However, the positive momentum could not be sustained on Wednesday, June 3 as the market capitalization went down by N62.07 billion to close at N11.51 trillion, while the All-Share Index plunged by 0.54 per cent to close at 33,879.21.

The decline brought the year-to-date loss to 2.24 per cent as at yesterday. The negative performance was sell-offs across the oil/gas and banking stocks as investors embarked on profit taking.

A total of 36 stocks appreciated compared to 19 stocks that depreciated. National Salt Company of Nigeria Plc led the laggards with a decline of 5.9 per cent followed by Forte Oil Plc with 4.9 per cent, just as RT Briscoe Nigeria Plc, Jos International Breweries Plc and Skye Bank Plc shed 4.8 per cent, 4.6 per cent and 4.4 per cent respectively.