Trading activities on the Nigerian equities market resumed for the week on a negative note with a decline of N71 billion or 0.36 per cent, taking the negative sentiments to three consecutive trading sessions.
Market analysts noted that, “the performance was buoyed by investors’ profit-taking sentiments in all the major sectors except oil and gas stocks.”
In summary, the All-Share Index (ASI) declined by 136.30 absolute points, representing a loss of 0.36 per cent to close at 37,857.89 points. Similarly, the overall market capitalisation value shed N71 billion to close at N19.725 trillion.
The market downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; MTN Nigeria Communications (MTNN), Zenith Bank, BUA Cement, International Breweries and Lafarge Africa.
Analysts at United Capital Plc said: “This week, we expect some profit-taking in equities that rallied in the previous week. However, we expect general market sentiment to be positive.”
As measured by market breadth, market sentiment was positive as 16 stocks gained, relative to 13 losers. Tripple GEE and Company recorded the highest price gain of 9.89 per cent to close at N1.00, per share. Regency Alliance Insurance followed with a gain of 8.89 per cent to close at 49 kobo, while UPDC Real Estate Investment Trust went up by 7.44 per cent to close at N1.30, per share.
FTN Cocoa Processors rose by 5.88 per cent to close at 36 kobo, while mutual Benefits Assurance gained five per cent to close at 42 kobo, per share. On the other hand, CWG Plc led the losers’ chart by 9.52 per cent to close at N1.14, per share.
International Breweries followed with a decline of 5.66 per cent to close at N5.00, while Champion Breweries lost 3.23 per cent to close at N2.10, per share.