The Nigerian equities market closed in the red, yesterday for the eighth consecutive trading session on losses recorded in 29 stocks. The Nigerian Stock Exchange, All-Share Index (NSE-ASI) shed 218.89 absolute points, representing a decline of 0.62 per cent to close at 35,069.34 points. Also, the market capitalisation declined by N80 billion to close at N12.803 trillion. The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Berger Paints, Zenith Bank, Oando and Airline Services and Logistics. Capital market analysts opined that the market presents buy opportunity amid higher expected dividend yield, given the lower prices. Analysts at Afrinvest said that “in subsequent sessions, we anticipate a marginal rebound as we expect investors to take position in bellwethers with attractive entry prices.”

Market breadth closed negative, with 12 gainers versus 29 losers. Linkage Assurance recorded the highest price gain of 9.68 per cent, to close at 68 kobo per share. Union Diagnostic & Clinical Services gained 3.70 per cent to close at 28 kobo, while FBN Holdings appreciated by 3.14 per cent to close at N9.85 per share. May and Baker appreciated by 3.07 per cent to close at N2.35, while Total Nigeria gained 2.70 per cent to close at N190 per share.

On the other hand, UACN Property Development Company led the losers’ chart by 10 per cent, to close at N1.71 per share. Berger Paints followed with a loss of 9.72 per cent to both close at N6.50, while Learn Africa declined by 9.45 per cent to close at N1.15 per share. Airline Services and Logistics shed 9.09 per cent to close at N4.50, while Oando declined by nine per cent to close at N4.55 per share.

However, the total volume traded improve by 27.37 per cent to 209.5 million shares, worth N2.9 billion, and traded in 4,044 deals. Transactions in the shares of United Bank for Africa topped the activity chart with 28.27 million shares valued at N255.04 million. Zenith Bank followed with 22.39 million shares worth N518.4 million, while FCMB Groups traded 21.01 million shares valued at N38.66 million.