The Nigerian equities market reversed the gaining streak at the top of yesterday’s transactions, occasioned by sell offs in some bellwethers, because the All-share index slouched by 0.5 per cent.
Yesterday, the All Share Index (ASI) weakened by 141.98 absolute points or 0.51 per cent to shut at 27,527.40 points. Similarly, the capitalization lost N69 billion to shut at N13.415 trillion.
The downtrend was wedged by losses recorded in giant and medium capitalised stocks, amongst that were; Ecobank international opposition. (ETI), Dangote refinery, FBN Holdings, NPF small Finance Bank, and Access Bank.
Analysts at Afrinvest restricted said: “We maintain our pessimistic outlook for the equities market within the absence of policy levers to strengthen investors’ appetency.”
Market breadth closed negative, with six gainers against twenty three losers. could and Baker Federal Republic of Nigeria recorded the best worth gain of four.35 per cent to shut at N2.40 per share.
United Capital followed with 3.88 per cent to shut at N2.14, whereas Sterling Bank gained 3.48 per cent to shut at N2.38, per share.
Cement Company of Northern Federal Republic of Nigeria (CCNN) rose 3.46 per cent to shut at N13.45, whereas Access Bank appreciated 1.64 per cent to shut at N6.20, per share.
On the opposite hand, Beta Glass LED the losers’ chart with 9.95 per cent to shut at N59.75 per share.
Continental insurance followed with 9.88 per cent to shut at N1.55, whereas Cadbury Federal Republic of Nigeria lost 9.65 per cent to shut at N10.30, per share.
Law Union & Rock Insurance shed 8.51 per cent to shut at forty three Naira, whereas Caverton Offshore Support cluster lost eight per cent every to shut at N2.30, per share.
The total volume listed declined by 39.2 per cent to a hundred and 70.72 million shares, worth N2.26 billion, and listed in 3,614 deals. Transactions within the shares of Access Bank lidded the activity chart with 65.13 million shares valued at N409.15 million.
Guaranty Trust Bank followed with 17.62 million shares value N488.82 million, whereas Dangote Flour Mills listed 16.16 million shares valued at N324.55 million.
Zenith Bank listed 10.94 million shares at N197.42 million, whereas United Bank for Africa (UBA) transacted 7.58 million shares value N45.16 million.