The Nigerian equities market yesterday resumed the new trading week extending its bearish run by shedding 0.74 per cent as 26 stocks declined.
The All Share Index (ASI) declined by 219.35 absolute points, representing a decrease of 0.74 per cent to close at 29,521.06 points. Similarly, market capitalisation decreased by N82 billion to close at N11.095 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Total Nigeria, Stanbic IBTC Holdings, Cement Company of Northern Nigeria (CCNN), Dangote Cement and Guaranty Trust Bank.
Analysts at Afrinvest Limited said that “Following the losses sustained on fundamentally sound stocks, we expect bargain hunting in subsequent sessions buoyed by the improving investor sentiment and the first quarter, 2019 earnings reports, to drive positive market performance in the near term.”
Market breadth was negative, with 25 gainers versus 26 losers. Veritas Kapital Assurance recorded the highest price gain of 10 per cent, to close at 22 kobo, per share. Dangote Flour Mills followed with a gain 9.97 per cent to close at N17.10, while Forte Oil appreciated by 9.93 per cent to close at N32.10 per share.
Julius Berger went up by 9.78 per cent to close at N24.70, while Chams appreciated by 9.52 per cent to close at 46kobo, per share. On the other hand, CCNN led the losers’ chart by 9.71 per cent, to close at N15.35, per share. May and Baker Nigeria followed with a decline of 8.89 per cent to close at N2.05, while Total Nigeria depreciated by 8.74 per cent to close at N166.10 per share.
First Aluminium Nigeria down by 8.33 per cent to close at 44 kobo and Union Diagnostic & Clinical Services lost eight per cent to close at 23 kobo, per share.