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Following losses in Okomuoil and 30 stocks, the equities market reversed three sessions of gains to close on a downturn yesterday, causing the All-share index to decline by 0.19 per cent.
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At the close of transactions yesterday on the Nigerian Exchange Limited (NGX), the All Share Index (ASI) declined by 112.69 points, representing a loss of 0.19 per cent to close at 59,211.26 points.
Also, market capitalisation lost N61 billion to close at N32.24 trillion. The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are Okomu Oil, Guaranty Trust Holding Company (GTCO), Conoil, Ikeja Hotel and Lasaco Assurance.
Analysts attributed the drop in indices to profit taking embark upon by investors on the exchange. According to them, investors are leveraging on the capital appreciation recorded in the past few days to recoup their investment.
Meanwhile, market breadth remained positive, as 34 stocks gained relative to 31 losers. NEM Insurance recorded the highest price gain of 10 per cent to close at N6.93 kobo.
Cornerstone Insurance followed with a gain of 9.9 per cent to close at N1.11, while Skyway Aviation Handling Company rose by 9.74 per cent to close at N8.45 kobo.
Wapic Insurance went up by 9.3 per cent to close at 94 kobo, while Africa Prudential appreciated by 9.09 per cent to close at N6.60 kobo. On the other hand, Lasaco Assurance led the losers’ chart by 10 per cent, to close at N2.34 kobo.
Sovereign Trust Insurance followed with a decline of 9.84 per cent to close at 55 kobo, while Unity Bank declined by 9.63 per cent to close at N1.22 kobo.
Secure Electronic Technology depreciated by 9.52 per cent to close at 38 kobo, while Ikeja Hotel declined by 9.06 per cent to close at N2.91 kobo.
The total volume traded decreased by 4.22 per cent to 615.912 million units, valued at N6.62 billion, and exchanged in 7,459 deals. Transactions in the shares of Wapic Insurance topped the activity chart with 97.145 million shares valued at N91.258 million. United Bank of Africa (UBA) followed with 48.106 million shares worth N546.632 million, while Universal Insurance traded 43.41 million shares valued at N9.627 million. GTCO traded 34.604 million shares valued at N1.098 billion, while Access Holdings sold 32.871 million shares worth N487.212 million.
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