Investors on the Nigerian stock market traded shares worth N1.47 billion, as the overall market activities shed 1.72 per cent, yesterday. In summary, the All-Share Index (ASI) shed 430.09 absolute points, representing a decline of 1.72 per cent to close at 24,581.99 points.
Similarly, the market capitalisation shed N149 billion, to close at N8.507 trillion. The dip was largely boosted by value depreciation recorded in some large capitalized stocks, amongst which are; Dangote Cement, Seven Up, Guinness Nigeria, CAP and Unilever Nigeria.
Despite yesterday trading decline, the stock market analysts noted that, “We believe market performance will be majorly driven by the earnings scorecards of Tier-1 banks which are anticipated to be released in the week. Regardless, we expect sentiment to remain restrained as investors continue to focus attention on key macroeconomic developments.”
Market breadth was negative, with 15 gainers versus 20 losers. Nestle recorded the highest price gain of 9.96 per cent, to close at N691 per share. Forte Oil followed with a gain of 5.07 per cent to close at N54.50, while Aiico Insurance gained by five per cent to close at 63 kobo per share.
Continental Reinsurance went up by 4.95 per cent to close at N1.06, while Vitafoam appreciated by 4.76 per cent to close at N1.98 per share.
On the other hand, Seven Up led the losers’ chart by 9.47 per cent, to close at N86 per share.