The Nigerian stock market reversed the uptrend to post a decline of 0.17 per cent at the end of yesterday trading.
The lead indicator, All Share Index declined by 48.15 absolute points or 0.17 per cent to close at 28,166.42 points. Similarly, the market capitalization shed N17 billion to close at N9.675 trillion.
The downturn was mostly imparted by value appreciation recorded in the following large capitalised stocks, Guaranty Trust Bank, Dangote Cement, Guinness and Conoil.
Analysts attributed the decline to investors taking profit in the gains recorded in some stocks.
They however said that “We expect sell pressure to continue in today’s session as investors continued to take profit.
Market breadth closed negative with 18 gainers and 22 losers. Oando led the gainers table by 7.14 per cent to close at N6 per share. Zenith Bank followed with a gain of 5.27 per cent each to close at N15.79 each per share, while Total, Mobil and Forte Oil gained 5 per cent each to close at N283.50, N179.55 and N163.11 per share, respectively.
On the other hand, Caverton led the laggards’ table by 9.09 per cent to close at N1.10 per share. Continental Reinsurance trailed with a loss of 4.95 per cent to close at 96 kobo, while Nahco declined by 4.60 per cent to close at N3.32 per share.
Also, Honeywell Flour declined by 4.26 per cent to close at N1.35, while Neimeth shed by 4.08 per cent to close at 94 kobo per share.
Meanwhile, stock market transacted 410.10 million shares, valued at N3.62 billion, and traded in 4,179 deals. Transactions in the shares of Diamond Bank topped the activity chart with 141.37 million shares valued at N164.42 million. FCMB followed with 48.11 million shares worth N48.17 million, while FBN Holdings traded 40.76 million shares valued at N126.25 million.