By Chinyere Joel-Nwokeoma
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are MTN Nigeria, Guaranty Trust Bank, Unilever, UACN and BOC Gases.
Omordion said investors were trying to ascertain the implication of the Cash Reserve Ratio adjustment to the economy.
“This correction is expected to create opportunity for repositioning ahead of full year earnings reports,” he stated.
Analysts at Afrinvest Limited said that “Despite weak investor sentiment, we maintain our bullish outlook for the equities market in the near term.”
Consequently, market breadth closed negative, with 10 gainers and 18 losers.
BOC Gases Nigeria dominated the losers’ chart in percentage terms by 9.09 per cent to close at N4.50 per share.
NEM Insurance followed with a loss of 8.33 per cent to close at N2.20, while AXA Mansard was down by 6.10 per cent to close at N2 per share.
Wapic Insurance dipped 5.41 per cent to close at 35k, while UACN shed 5.21 per cent to close at N10 per share.
On the other hand, Lasaco Assurance led the gainers’ chart in percentage terms with a growth of 7.69 per cent to close at 28k per share.
AIICO Insurance followed with a gain 6.33 per cent to close at 84k, while Flour Mills appreciated by 5.67 per cent to close at N22.35 per share.
Oando improved by 2.75 per cent to close at N3.74, while Sterling Bank rose by 2.16 per cent to close at N1.89 per share.
The total volume of shares traded dropped to 242.76 million shares worth N4.59 billion exchange in 3,556 deals.
This was in contrast with 250.93 million shares valued at N4.83 billion traded in 4,561 deals on Tuesday.
Unilever Nigeria followed with 25.01 million shares worth N375.32 million, while Guaranty Trust Bank traded 24.34 million shares worth N740.24 million.