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The decline of the Nigerian Stock market dipped on Wednesday as the all-share index depreciated to 60,970.66 points just as market capitalization dropped to N11.756 trillion. At the close of transaction, quality traded nose-dived to 476.095 million in 16,891 deals valued at N8.464 billion.

The dip was pervasive across all the sectors except for Agro-Allied, Breweries, Packaging, Real Estate, Hotel and Tourism which appreciated marginally in terms of volume of trade and prices upsurge.

Nevertheless, banks and insurance sectors remained the most traded equities even as volume of trade depreciated in sectors dropping to 199.003 million and 185.919 million from 287.186 million and 189.067 million respectively.

At the close of business, 81 equities depreciated in price as against 50 which experienced price rally.Chevron went down with N10.00 to lead the price losers followed by Cappa and D’Alberto with 565 kobo closing on the down side at N280.00 and N107.35 repsectively.

Conoil, Julius Berger, Nestle and Costain went down by 400 kobo, 310 kobo, 300 kobo and 294 kobo, closing on the down side with N107.35, N130.00, N99.00 N227.00 and N56.05 each.
Also on the top ten losers’ were Chemical and Allied Products, Alumaco, Dangote Flour and UACN with each losing 250 kobo, 194 kobo, 151 kobo, and 150 kobo to close at N47.50, 36.92, N28.81 and N53.50 respectively.

On the price gainer’s list, Total, Flour Mill, Oando and Mobil recovered from the losses of previous day to lead 46 other price gainers with N10.00, 31 kobo, 300 kobo and 2008 kobo each closing at N245.00, N91.60, N231.00 and N272.10 each.
Similarly, Cadbury went up by 190 kobo, the first time since after the regulatory body, Securities and Exchange Commission (SEC) brought its hammer to bear on the former managing director and the external auditors.

Externa Oil, R. T. Briscoe, G. Cappa and Afribank and GlaxoSmithline perienced price up surge by 163 kobo, 134 kobo, 111 kobo, 110 kobo and 110 kobo each closing at N34.23, N28.34, N23.10 and N23.11 in that order.

At the close of business, equities depreciated in price as against 50 which experienced price rally. Chevron went down with N10.00 to lead the price closers followed by Cappa and D’Alberto with 565 kobo closing on the down side at N280.00 and N107.35 respectively.
Conoil, Julius Berger, Nestle and Costain went down by 400 kobo, 310 kobo, 300 kobo and 294 kobo, closing on the down side with N107.35, N130.00, N99.00, N227.00 and N56.05 each.
Also on the top ten loser’s were Chemical and Allied Products, Alumaco, Dangote Flour and UACN with each losing 250 kobo, 194 kobo, 151 kobo, and 150 kobo to close at N47.50, N36.92, N28.81 and N53.50 respectively.

As to why the deepening decline, some market analysts believed that equity values were beginning to take up their proper prices and levels. Mr. Boniface Okezie a representative stakeholder in the capital market stakeholder said that although the decline had persisted for longer than expected, yet, the market still held promise for bounce back as soon as the budget gets implemented.

He said that the insurance sector would come back quite strong as soon as they begin to plough back the proceeds of the recapitalization released to them few months ago. Mr Okozie said that the Nigerian Stock Exchange remain the most profitable to investors.