The Nigerian equities market fell by 0.51 per cent on sustained bearish activity, leading to the third consecutive day of losses.
In summary, the All Share Index (ASI) shed 211.06 absolute points, representing a decline of 0.51 per cent to close at 41,243.24 points. Similarly, the market capitalisation shed N77 billion to close at N14.899 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Seplat, Mobil Nigeria, Total Nigeria, International Breweries and Guinness Nigeria.
Analysts at Afrinvest Limited, said “despite the negative performance today, investor sentiment strengthened, thus we anticipate a rebound in market performance in subsequent sessions as investors continue to seek for bargain opportunities.”
Market breadth was negative, with 21 gainers versus 31 losers. Glaxosmith recorded the highest price gain of 10.16 per cent, to close at N30.90 per share. Wema Bank gained 8.97 per cent to close at 85 kobo, while MRS appreciated by five per cent to close at N28.35 per share.
CCNN went up by 4.80 per cent to close at N19.65, while Forte Oil appreciated by 4.75 per cent to close at N41.90 per share.
On the other hand, Diamond Bank led the losers’ chart by 7.32 per cent, to close at N1.90 per share, while ETI, International Breweries and Seplat followed with a decline of five per cent to close at N17.10, N54.15 and N665.10 per share, respectively. Cadbury depreciated by 4.92 per cent each to close at N14.50 per share.
Also, the total volume traded depreciated by 7.12 per cent to 352.89 million shares, worth N4.14 billion, and traded in 4,807 deals. Transactions in the shares of Japaul Oil topped the activity chart with 80.29 million shares valued at N58.1 million. Zenith Bank followed with 59.85 million shares worth N1.8 billion, while FBN Holdings traded 24.33 million shares valued at N301.22 million.
Transcorp traded 22.22 million shares valued at N42.42 million, while Access Bank transacted 16.69 million shares worth N189.7 million.