The bears continued to dominate the equities market, against expectations of a positive close, following broadly positive corporate releases, as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) plunged 0.51 per cent on sustained profit taking in high capitalised stocks.
In summary, the All Share Index (ASI) shed 441.16 absolute points, representing a decline of 1.07 per cent to close at 40,802.08 points. Similarly, the market capitalisation shed N159 billion, to close at N14.740 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Wapco, Dangote Cement, Total Nigeria, Guaranty Trust Bank and Dangote Sugar.
Analysts at Cordros Capital said “despite continued selloffs, we reiterate our positive outlook for the equities market, as strengthening macroeconomic fundamentals continue to support likelihood of gains.”
Similarly, market breadth closed negative, recording 18 gainers against 29 losers. Glaxosmith led the gainers table by 10.03 per cent to close at N34 per share. Wema Bank followed with a gain of 9.41 per cent to close at 93 kobo, while Eterna went up by 5.56 per cent to close at N6.65 per share.
Also, Unilever Nigeria rose by 4.86 per cent to close at N55 and PZ Industries appreciated by 4.55 per cent to close at N23 per share.
On the other hand, Japaul Oil led the laggards’ table by 8.45 per cent to close at 65 kobo per share, while Mutual Benefit Assurance trailed with a loss of 5.41 per cent to close at 35 kobo per share.
Fidson Healthcare and Capital Oil dipped by five per cent each to close at N5.70 and 38 kobo per share, respectively, while Champion Breweries went down by 4.80 per cent, to close at N2.58 per share.
Meanwhile, total volume traded rose by 51.66 per cent to 535.19 million shares, valued at N3.66 billion, and exchanged in 4,717 deals. Transactions in the shares of Champion Breweries topped the activity chart with 153.9 million shares valued at N397.1 million. Skye Bank traded 104.65 million shares worth N81.63 million and Sterling Bank transacted 41.24 million shares valued at N72.22 million.
FBN Holdings followed with 28.51 million shares worth N346.78 million, while Lasaco Assurance traded 23.98 million shares valued at N8.15 million.
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