Following sustained sellpressure in 26 stocks, the Nigerian equities market extended its bearish sentiments yesterday, with market capitalisation falling further by N69 billion.
At the close of trading, the all share index (ASI) lost by 108.01 points, representing a loss of 0.08 per cent to close at 143,614.61 points.
Also, the market capitalisation lost N69 billion to close at N 91.346 trillion. The overall downturn was impacted by losses recorded in medium and large capitalised stocks, Vitafoam Nigeria, United Bank for Africa (UBA), Africa Prudential, Sterling Financial Holdings Company and Transnational Corporation (Transcorp).
On market outlook, analysts at Futureview Group said, “We expect investors to trade cautiously ahead of the MPC rate decision and Monday’s FGN Bond auction, while selectively targeting fundamentally strong stocks at attractive valuations.
Market sentiment remained soft, reflected in a slightly negative market breadth of 17 gainers against 26 losers. eTranzact International recorded the highest price gain of 9.06 per cent to close at N14.45 kobo.
International Energy Insurance followed with a gain of 8.49 per cent to close at N2.30 kobo while McNichols rose by seven per cent to close at N2.75 kobo.
C&I Leasing appreciated by 5.47 per cent to close at N5.59, while UPDC up by 5.26 per cent to close at N6.
On the other hand, NPF Microfinance Bank led the losers’ chart by 7.85 per cent to close at N2.70 kobo. Prestige Assurance followed with a decline of 7.48 per cent each to close at N1.36 kobo while Sterling Financial Holdings Company declined by 6.94 per cent to close at N6.70 kobo.
Wapic Insurance declined by 6.18 per cent to close at N2.43 kobo while Deap Capital Management and Trust dipped by 5.59 per cent to close at N1.52 kobo.
Meanwhile, the total volume traded rose marginally by 4.04 per cent to 694.777 million units, valued at N28.672 billion, and exchanged in 24,041 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 203.852 million shares valued at N17.236 billion.
Fidelity Bank followed with 131.511 million shares worth N2.5 billion, while Japaul Gold Ventures traded 68.823 million shares valued at N145.911 million.
FCMB Group traded 37.988 million shares valued at N386.695 million, while Access Holdings sold 21.876 million shares worth N449.505 million.
