The persistent bearish performance of stocks at the Nigerian Stock Exchange in recent times has seen prices of large cap stocks decline rapidly dropping to one -year low levels and two -year low levels in some cases .
Stocks such as Dangote Cement Plc , Guaranty Trust Bank Plc and UBA Group Plc, which are seen as some of the highly – capitalised stocks on the NSE , have seen their share prices drop to bottom levels .
International Breweries Plc saw its share price drop to a one- year low level of N 9 .75 last week and maintained the position as the market conditions failed to improve significantly.
Also, the company has posted unimpressive performance in recent times.
International Breweries, which recorded a loss of N 1 . 40 bn in 2017 , saw a decrease in its profitability as its losses intensified in 2018 , totalling N 3. 87 bn .
Fidelity Bank Plc saw its share price drop by 4 .73 per cent on Wednesday to close at N 1 . 61 , close to a one -year low level of N 1 . 40 .
A one -year low level of N 161 was recorded for Dangote Cement while its share price closed at N 165 .50 on Wednesday .
Other banking stocks such as Wema Bank Plc , Unity Bank Plc, GTB , FBN Holdings Plc and UBA also saw their share prices draw closer to respective one -year low levels of 50 kobo , 58 kobo , N 25 . 70 , N 4 .55 and N 5 . 40 .
Wema Bank ’ s share price closed at N 58 kobo while Unity Bank recorded a marginal gain of 0 . 05 per cent to close at 65 kobo .
GTB and FBN Holdings saw their respective share prices shed 0 .55 per cent and 3 . 03 per cent to close at N 27 and N 4 .80 .
UBA ’ s share price remained unchanged at N 5 . 90 at the end of trading on Wednesday .
The market capitalisation of equities rose marginally by N 3 bn on Wednesday to N 13 . 431 tn from N 13 . 428 tn on Tuesday .
However, activity level was weak as volume and value traded fell by 29 per cent and 33 . 2 per cent , respectively to 130 .372 million and N 3 . 006 bn .
The top traded stocks by volume were Transnational Corporation of Nigeria Plc ( 39 .1 million units ) , MTN Nigeria Communications Plc ( 15 . 3 million units ) and Lafarge Africa Plc ( 10 .4 million units ) while MTN ( N 2 . 1 bn ) , Lafarge ( N 147 .7 m ) and Zenith Bank Plc ( N 140 .1 m ) were the top traded stocks by value .
Performance across sectors was largely bullish as three indices closed positively .
The Insurance index led gainers , up by 2 .25 per cent as investors took positions in Continental Reinsurance Plc, Wapic Insurance Plc and Lasaco Assurance Plc .
The industrial and oil and gas indices rose by one per cent and 0 . 86 per cent , respectively following buying interests in Cement Company of Northern Nigeria Plc , Lafarge Africa, Dangote Cement, Oando Plc and Forte Oil Plc.
The banking index lost the most , shedding 1 . 34 per cent on the back of losses in Zenith Bank , Access Bank Plc and FBN Holdings .
Sell -offs in PZ Cussons Plc and Honeywell Flour Mills Plc dragged the consumer goods index lower by 0 .10 per cent .