Sell-offs persisted in the Nigerian equities market yesterday as the All-Share Index slipped by 0.33 per cent following sell-pressures in banking stocks.
Capital market analysts noted that specifically, the downtrend was supported by value depreciation recorded in share prices of some tier one Banks as investors continue to book profit given the recent increase in their share prices.
The All-Share Index (ASI) decreased by 84.91 absolute points, representing a dip of 0.33 per cent to close at 25,497.32 points. Similarly, the overall market capitalisation size shed N44 billion to close at N13.302 trillion.
The downturn was impacted by loses recorded in large and medium capitalised stocks, amongst which are; Guaranty Trust Bank, Guinness Nigeria, Zenith Bank, Union Bank of Nigeria (UBN) and Arbico Plc.
Despite the decline seen in the market, analysts at Afrinvest Limited expected investors to take positions in fundamentally sound stocks in the subsequent trading session.
Market breadth closed negative, with 10 gainers versus 19 losers. Honeywell Flour Mill recorded the highest price gain of 4.44 per cent, to close at 94 kobo, per share. Transnational Corporation of Nigeria (Transcorp) followed with a gain 3.45 per cent to close at 60 kobo, while Wapic Insurance rose by 3.03 per cent to close at 34 kobo, per share.
Chemical and Allied Products (CAP) went up by 2.65 per cent to close at N17.45, while Nigerian Breweries appreciated by 2.50 per cent to close at N41.00, per share. On the other hand, Arbico led the losers’ chart by 9.65 per cent, to close at N1.03, per share. Royal Exchange followed with a decline of 9.09 per cent to close at 30 kobo, while Guaranty Trust Bank shed 6.18 per cent to close at N24.30, per share.
Japaul Oil & Maritime Services lost 4.76 per cent to close at 20 kobo, while union Bank shed 3.92 per cent each to close at N4.90, per share.
Also, the total volume traded declined by 1.18 per cent to 251.964 million shares, worth N2.044 billion, and traded in 4,185 deals.
shares of Custodian Investment topped the activity chart with 40.134 million shares valued at N192.654 million. FBN Holdings (FBNH) followed with 28.243 million shares worth N141.539 million, while Zenith Bank traded 26.045 million shares valued at N444.797 million.
Access Bank traded 25.06 million shares valued at N170.111 million, while Transcorp transacted 19.025 million shares worth N11.206 million.