Forte Oil on Wednesday, for the second consecutive day, led the losers’ chart on the Nigerian Stock Exchange (NSE), dropping by N7.56 to close at N155.75 per share.
The stock dipped N8.59 billion on Tuesday to close at N163.31 per share.
Mr Ambrose Omordion, Chief Operating Officer, InvestData Ltd., attributed the development to market correction and profit-taking embarked on by investors.
Omordion said that the growth enjoyed by Forte Oil stock in the past was due to its shareholding structure and not earnings performance.
He said that the factors that took the stock’s price to its current height were becoming weak thereby leading to market correction.
Further breakdown of the losers’ table indicated that Dangote Cement trailed with a loss of N1 to close at N190, while GlaxosmithKline declined by 77k to close at N18 per share.
Nigerian Breweries declined by 71k to close at N133.05 and Cadbury lost 50k to close at N16 per share.
The market indices closed lower by 0.44 per cent due to losses posted by some major blue chips.
The All-Share Index dipped 126.92 points or 0.44 per cent to close at 28,730.42 against 28,857.34 achieved on Tuesday.
Also, the market capitalisation which opened at N9.911 trillion shed N44 billion or 0.44 per cent to close at N9.867 trillion.
On the other hand, Total recorded the highest price gain to lead the gainers’ table, increasing by 52k to close at N182 per share.
Flour Mills came second with a gain of 49k to close at N21.99 and NASCON gained 33k to close at N8 per share.
Transcorp rose by 14k to close at N1.61, while PZ Industries appreciated by 13k to close at N21.70 per share.
The volume of shares traded dropped by 8.34 per cent as investors staked N2.34 billion on 190.30 million shares transacted in 4,578 deals.
This was in contrast with 207.62 million shares valued at N3.64 billion exchanged in 4,542 deals on Tuesday.
Access Bank emerged the toast of investors, trading 33.26 million shares worth N185.96 million.
Zenith Bank accounted for 22.47 million shares valued at N369.16 million while GT Bank traded 19.34 million shares worth N462.28 million.
FBN Holdings sold 17.07 million shares valued at N63.27 million and Transcorp transacted 13.19 million shares valued at N20.76 million.
