The Nigerian stock market declined further as profit taking by investors persisted in the market, yesterday.
In summary, lead indicator, NSE-ASI shed 172.45 absolute points, representing a decline of 0.62 per cent to close at 27,854.78 points. Similarly, the market capitalization shed N59 billion to close at N9.568 trillion.
Stock market analysts said that “We expect the market to remain soft , as shown by persistent weak breadth for the remainder of the week in the absence of more earnings releases.”
Market breadth closed negative with 11 gainers and 27 losers. Diamond Bank led the gainers table by 4.39 per cent to close at N1.19 per share. Nahco followed with a gain of 4.10 per cent each to close at N3.30, while Dangote Sugar went up by 2.85 per cent to close at N6.50 per share.
Champion Breweries gained by 2.75 per cent to close at N2.62, while livestock appreciated by 2.33 per cent to close at 88 kobo per share.
On the other hand, ETranzact led the laggards’ table by 4.99 per cent to close at N5.14 per share. BOC Gas trailed with a loss of 4.86 per cent to close at N3.52, while Forte Oil declined by 4.82 per cent to close at N152 per share.
Also, Pharamdeko declined by 4.81 per cent to close at N1.78, while Guaranty Trust Bank shed by 4.75 per cent to close at N22.86 per share.
Meanwhile, the total volume traded went up by 144.73 per cent to 380.75 million shares, valued at N1.83 billion, and exchanged in 2,954 deals. Transactions in the shares of Access Bank topped the activity chart with 158.10 million shares valued at N887 million. Diamond Bank followed with 79.56 million shares worth N91.58 million, while Fidelity Bank traded 28.81 million shares valued at N24.53 million.
FBN Holdings traded 19.40 million shares worth N58.41 and Transcorp transacted 12.85 million shares valued at N12.94 million.