Index slides 0.03 per cent as bearish hold strengthens

The bears strengthened their hold on the equities sector of the Nigeria Stock Exchange (NSE), occasioned by losses in some high cap stocks, resulting to a further decline in the index by 0.03 per cent.
   
Specifically, at the close of transactions yesterday, the All-Share Index (ASI), decreased by 7.93 absolute points or 0.03 per cent to close at 27,033.10 points. Similarly, the market capitalisation lost N4 billion to close at N14.083 trillion.
   
The downturn was impacted by losses recorded in medium and large value stocks, amongst which were; SFS Real Estate Investment Trust, Nigerian Breweries, UPDC Real Estate Investment Trust, Caverton Offshore Support Group, and Skyway Aviation Handling Company.
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Analysts at Afrinvest Limited, said: “Although there are opportunities for bargain-hunting, investors’ risk-off approach is expected to dampen performance in the market.”
   
Market breadth closed negative, with eight gainers versus 22 losers. Law Union and Rock Insurance recorded the highest price gain of 10 per cent to close at 88 kobo per share.
 
Cadbury Nigeria followed with 9.76 per cent to close at N9.00, and Africa Prudential edged 4.29 per cent to close at N5.11, per share.
   
FBN Holdings rose 2.83 per cent to close at N5.45, while Access Bank gained 2.27 per cent to close at N9.00, per share.
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