Sell pressure in BUA Cement and 17 stocks, ensured that transactions on the equities sector of the Nigerian Exchange Limited (NGX) reopened on a downturn yesterday, causing market capitalisation to dip by N130 billion.

Indeed, yesterday, the All-Share Index (ASI) shed 236.57 points, representing a decline of 0.33 per cent to close at 70,612.81 points. Also, market capitalisation dipped by N130 billion to close at N38.795 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; BUA Cement, Japaul Gold & Ventures, Nigerian Exchange Group, NEM Insurance and Chams Holding Company.

Analysts at United Capital Plc, said: “We expect mixed sentiments to prevail, with more of positive sentiments from investors, particularly directed toward listed corporates with strong fundamentals and impressive nine months, 2023 financial performance.

“Pockets of profit-booking activities are also envisaged, as some investors will look to crystallise gains. A downside for the equities market is a sustained improvement in fixed term deposit (FTD) rates offered by the banks, which would invariably divert some interest toward money market instruments.”

However, market breadth closed positive, as 26 stocks gained relative to 18 losers. Aluminum Extrusion Industries and R. T. Briscoe Nigeria emerged the highest price gainer of 10 per cent each to close at N7.15 kobo and 66 kobo respectively.

MeCure Industries followed with a gain of 9.95 per cent to close at N4.31 kobo. McNichols rose by 9.84 per cent to close at 67 kobo, while DEAP Capital Management & Trust appreciated by 9.68 per cent to close at 34 kobo.

On the other side, Japaul Gold & Ventures led others on the losers’ chart with 9.09 per cent to close at N1.80 kobo.

BUA Cement followed with a decline of 7.76 per cent to close at N98.70, while Veritas Kapital Assurance declined by 7.41 per cent to close at 25 kobo.

Universal Insurance lost 7.41 per cent to close at 25 kobo, while Chams Holding Company depreciated by 3.85 per cent to close at N2.

The total volume traded decreased by 14.8 per cent to 474.39 million units, valued at N7.75 billion, and exchanged in 7,630 deals. Transactions in the shares of Fidelity Bank led the activity with 94.048 million shares worth N858.547 million.

Japaul Gold & Ventures followed with account of 465.978 million shares valued at N120.977 million, while United Bank for Africa (UBA) traded 54.924 million shares valued at N1.141 billion.

Transnational Corporation traded 25.981 million shares worth N161.122 million, while Jaiz Bank traded 21.710 million shares worth N34.941 million.