Reversing the previous trading day’s gain, the Nigerian stock market closed negative yesterday as its overall capitalisation declined by N1.334 trillion following the sell-off in Dangote Cement Plc and 38 others.
The All-Share Index declined by 2,109.00 points, representing a loss of 1.46 per cent, to close at 142,613.47 points. Similarly, the overall market capitalisation value lost N1.334 trillion to close at N90.227 trillion.
The market’s negative performance was driven by price depreciation in large and medium-capitalised stocks, which are Dangote Cement, CAP, Zenith Bank, Nigerian Exchange Group, and NASCON Allied Industries.
On the market outlook, Afrinvest Limited said, “We expect the bearish performance to persist due to profit-taking activities.”
As measured by market breadth, investor sentiment closed negative as 26 stocks advanced, while 39 declined. Nigerian Enamelware recorded the highest price gain of 9.95 per cent to close at N35.90, per share. DAAR Communication followed with an increase of 9.82 per cent to close at N1.23 and Deap Capital Management & Trust up by 9.60 per cent to close at N1.94, per share.
Academy Press appreciated by 8.43 per cent to close at N9.00, while International Breweries rose by 6.95 per cent to close at N13.85 per share.
On the other hand, Royal Exchange led the losers’ chart by 10.00 per cent to close at N2.52 per share. Dangote Cement followed with a decline of 9.88 per cent to close at N520.00, while R.T. Briscoe lost 9.87 per cent to close at N3.56 per share.
Jaiz Bank declined by 9.81 per cent to close at N4.32, while Wapic Insurance and Lasaco Assurance shed 9.77 per cent each to close at N3.60 each.
Also, the total volume traded fell by 10.4 per cent to 1.027 billion units, valued at N17.664 billion, and exchanged in 34,352 deals. Transactions in the shares of Universal Insurance topped the activity chart with 130.222 million shares valued at N173.672 million. AIICO Insurance followed with 100.112 million shares worth N437.561 million, while Mutual Benefits Insurance traded 68.521 million shares valued at N310.653 million.
Prestige Assurance traded 66.867 million shares valued at N135.371 million, while Regency Alliance Insurance transacted 46.141 million shares worth N69.258 million.
