On the back of renewed profit taking activity, the Nigerian equities market plunged by 0.82 per cent, yesterday to start a new week on across the board losses.
The All-Share- Index (ASI) was down by 252.09 absolute points, representing a decrease of 0.82 per cent to close at 30,614.73 points. Similarly, the market capitalisation decreased by N92 billion, closing at N11.177 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Mobil, Nigerian Breweries, UAC of Nigeria (UACN) and Zenith Bank.
Analysts at United Capital Plc said that “as the domestic bourse hovers in an oversold region, we reiterate our expectations of a Santa Claus rally this month as year-end portfolio repositioning and bargain hunting provides support. Yet, the possibility of an unprecedented rally could be capped by the overhang of jitters in the polity.”
Market breadth closed negative, recording 13 gainers against 25 losers. Trans Nationwide Express recorded the highest price gain of 8.47 per cent, to close at 64 per share. Forte Oil followed with a gain of 6.39 per cent to close at N19.15 kobo, while Vitafoam Nigeria rose 5.52 per cent to close at N3.44, per share.
Sterling Bank appreciated by 3.57 per cent to close at N1.74, while United Bank for Africa (UBA) up by two per cent to close at N7.65 per share. On the other hand, Livestock Feeds led the losers’ chart by 9.62 per cent, to close at 47 kobo, per share. Cornerstone Insurance followed with a decline of 9.09 per cent to close at 20 kobo, while Mutual Benefit Assurance shed 8.70 per cent to close at N21 kobo, per share.
Mobil shed 8.47 per cent to close at N160, while UACN depreciated by seven per cent, to close at N9.30 per share.
The total volume traded declined by 8.05 per cent to 164.58 million shares, worth N1.67 billion, and traded in 3,193 deals. Transactions in the shares of Diamond Bank topped the activity chart with 44.92 million shares valued at N45.6 million. FBN Holdings followed with 28.15 million shares worth N214.22 million, while Sterling Bank traded 15.41 million shares valued at N25.49 million.
UBA traded 8.93 million shares valued at N67.86 million, while Zenith Bank transacted 8.92 million shares worth N207.79 million.
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