Transaction on the Nigerian equities market yesterday closed in a southward direction with 0.03 per cent decline, reversing the rally recorded in the previous trading session.
The bearish performance was buoyed by investors’ profit-taking sentiment in all the major sectors except the Industrial sector that was unchanged.
In summary, the All-Share Index (ASI) dropped by 10.68 absolute points, representing a decrease of 0.03 per cent, to close at 39,449.82 points. Similarly, the overall market capitalisation value lost N6 billion to close at N20.554 trillion.
The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Dangote Sugar Refinery, Guaranty Trust Bank Holding Company (GTCO), Pharma Deko, Zenith Bank and Oando.
Analysts at Afrinvest Limited said “ In the next trading session, we expect to see profit-taking activities dominate the market in the absence of any positive catalyst.”
Also, investors sentiment as measured by market breadth closed negative, recording 19 gainers as against 17 losers. Capital Hotels and Eterna Plc recorded the highest price gain of 10 per cent each to close at N3.19 and N6.82, while Morison Industries followed with a gain 9.74 per cent to close at N1.69, per share.
Transcorp Hotels went up by 9.30 per cent to close at N4.70, while UACN Property Development Company (UPDC) appreciated by 9.22 per cent to close at N1.54, per share. On the other hand, Academy Press led the losers’ chart by 9.76 per cent to close at 37 kobo, per share.
with a decline of 9.52 per cent to close at N1.71, while Mutual Benefits Assurance declined by 8.57 per cent to close at 32 kobo, per share.
Associated Bus Company shed 7.69 per cent to close at 36 kobo, while Unity Bank depreciated by 6.67 per cent to close at 56 kobo, per share.
Meanwhile, the total volume traded increased by 0.3 per cent to 198.332 million shares, worth N1.056 billion, and traded in 3,336 deals. Transactions in the shares of Sovreign Trust Insurance topped the activity chart with 48.384 million shares valued at N11.167 million. Mutual Benefits Assurance followed with 27.092 million shares worth N8.707 million, while Jaiz Bank traded 10.905 million shares valued at N6.790 million.
Regency Alliance Insurance traded 9.008 million shares valued at N3.943 million, while Transnational Corporation of Nigeria (Transcorp) transacted 6.944 million shares worth N6.641 million.