The market capitalisation of listed equities on the Nigerian Stock Exchange (NSE) fell further on Thursday as 45 firms, including 15 banks, recorded price decline.
The NSE All-Share Index fell by 1.64 per cent to close at 32,928.44 basis points, while the market capitalisation dropped to N11.386tn from N11.576tn.
With the dip on Thursday, investors in the nation’s stock market have lost a total of N501bn in value in two straight days of trading.
This came on the heel of weakening sentiment amid the possibility that MSCI Inc, a global index provider, will downgrade Nigeria later in the year. Stocks had been gaining since May on the back of currency moves by the Central Bank of Nigeria.
Banking shares have been spooked after talks between a group of lenders and telecoms firm, Etisalat Nigeria, over a debt renegotiation collapsed.
May & Baker Nigeria Plc, which led the losers on Thursday, saw its share price plunge by 9.62 per cent to close at N4.98. It was followed by Transnational Corporation of Nigeria Plc, which fell by 9.52 per cent to close at N1.52 per share.
Wema Bank Plc led the banking sector lower with a fall of 8.96 per cent to N0.61 per share, while Ecobank Transnational Incorporated shed 8.47 per cent to close at N13.30 per share.
Diamond Bank Plc, Skye Bank Plc and Fidelity Bank Plc lost 8.2 per cent, 7.89 per cent and 7.75 per cent, respectively, to close at N1.12, N0.70 and N1.19 per share.
Other losers included Jaiz Bank Plc, Unity Bank Plc, Guaranty Trust Bank Plc, Oando Plc, Stanbic IBTC Holdings Plc, Access Bank Plc, Zenith Bank Plc, FBN Holdings Plc and FCMB Group Plc.
Fourteen stocks recorded price appreciation on Thursday, with Conoil Plc leading the pack.
Conoil, which rose by 10.24 per cent to close at N44.56 per share, was followed by AshakaCem Plc, which appreciated by 10.16 per cent to close at N16.27 per share.
Berger Paints Plc, Neimeth International Pharmaceuticals Plc and Livestock Feeds Plc increased by 10.05 per cent, 9.52 per cent and 9.09 per cent, respectively, to close at N7.12, N0.92 and N1.08 per share.
A total of 509.763 million shares worth N5.034bn in 5,321 deals were traded by investors on the floor of the Exchange on Thursday, compared to 508.732 million shares worth N6.396bn in 5,876 deals on Wednesday.