Nigerian equities, yesterday extended losses for the second consecutive session as the overall capitalisation closed N111 billion weaker.
Hence, the All-Share Index shed by 204.25 per cent, representing a loss of 0.31 per cent, to close at 65,482.91 points. Similarly, the overall market capitalisation value lost N111 billion to close at N35.635 trillion.
The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Nigerian Breweries, Cadbury Nigeria, Flour Mills of Nigeria, Guaranty Trust Holding Company (GTCO) and FBN Holdings (FBNH).
Analysts at Afrinvest Limited stated that “in the last trading session, we expect the bearish performance would continue in the absence of positive catalyst.”
Also, market breadth was negative, as 38 stocks lost relative to 14 gainers. Lasaco Assurance recorded the highest price gain of 10 per cent to close at N2.09, per share. Multiverse Mining and Exploration followed with a gain of 9.96 per cent to close at N2.98, while Skyway Aviation Handling Company rose by 9.91 per cent to close at N23.30, per share.
R.T. Briscoe Nigeria rose by 6.00 per cent to close at 53 kobo, while Chemical and Allied Products (CAP) gained 5.26 per cent to close at N22.00, per share.
On the other hand, Japaul Gold & Ventures led the losers’ chart by 9.91 per cent to close at N1.00, per share. Cadbury Nigeria followed with a decline of 9.80 per cent to close at N13.80, while FTN Cocoa Processors lost 9.40 per cent to close at N2.41, per share.
NEIMETH International Pharmaceuticals declined 9.34 per cent to close at N1.65, while Courteville Business Solutions shed 9.09 per cent to close at 60 kobo, per share.
The total volume of trade rose by 1.76 per cent to 509.247 million units, valued at N4.796 billion, and exchanged in 8,070 deals.
Transactions in the shares of Japaul Gold & Ventures topped the activity chart with 115.698 million shares valued at N129.724 million. United Bank for Africa (UBA) followed with 40.430 million shares worth N595.919 million, while Transnational Corporation (Transcorp) traded 37.499 million shares valued at N133.5 million.
FCMB Group traded 34.990 million shares valued at N237.688 million, while Fidelity Bank transacted 31.847 million shares worth N271.169 million.
