The Nigerian equities market yesterday dipped further by 1.86 per cent on high capitalised stocks.
The All Share Index (ASI) fell by 543.70 points or 1.86 per cent to 29,256.60 points. Accordingly, investors lost N265 billion in value as market capitalisation declined to N13.993 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Airtel Africa, MTN Nigeria, Cement Company of Northern Nigeria (CCNN) and Dangote Cement.
Analysts at Afrinvest Limited expected the downward trend to continue in the near term, as it presents opportunities to position in premium stocks. Market breadth closed negative, with 10 gainers versus 18 losers. Sovereign Trust Insurance recorded the highest price gain of 4.76 per cent, to close at 22 kobo, per share.
Courteville Business Solution followed with a gain 4.55 per cent to close at 23 kobo, while Guaranty Trust Bank appreciated by 3.27 per cent to close at N30, per share.
Lafarge Africa went up by 1.11 per cent to close at N13.70, while Transnational Corporation of Nigeria (Transcorp) appreciated by 0.99 per cent to close at N1.02 per share.
On the other hand, AXA Mansard Insurance led the losers’ chart by 10 per cent, to close at N1.80, per share. Airtel Africa followed with a decline of 9.99 per cent to close at N323.50, while CCNN went down by 9.77 to close at N13.85, per share.
Consolidated Hallmark Insurance lost 9.09 per cent to close at 30 kobo, while Nestle Nigeria shed 4.833 per cent to close at N1, 280 per share. The total volume traded declined marginally by 0.18 per cent to 188.43 million shares, worth N3.17 billion, and traded in 3,105 deals.
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