Following losses recorded by many bluechip stocks, especially Okomuoil and Stanbic IBTC, transactions on the equities sector of the Nigerian Exchange Limited (NGX) reopened on a downturn yesterday, as market capitalisation depreciated by N90 billion.

Indeed, at the close of transactions yesterday, All-Share Index (ASI) lost 162.76 points, representing a loss of 0.24 per cent to close at 67,037.93 points. Also, market capitalisation declined by N90 billion to close at N36.830 trillion.

Analysts at United Capital, said: “We expect investors sentiment to continue to improve, particularly toward stocks with pending corporate actions and fantastic H1, 2023 financial performance.”

Yesterday’s downtrend was impacted by losses in medium and large capitalised stocks, amongst, which are; Okomuoil, Stanbic IBTC, Eternaoil, Cadbury, Oando, Vitafoam and Custodian &Allied Insurance.

As measured by market breadth, market sentiment was negative, as 19 stocks gained, while 23 others constituted the losers’ chart. Sovereign Trust Insurance and Stanbic IBTC Holdings led others on the losers’ chart with 10 per cent each to close at 36 kobo and N72 respectively, while Okomu Oil followed with a decline of 9.96 per cent to close at N236.80 kobo.

Oando shed 9.24 per cent to close at N8.35 kobo. Omatek Ventures lost 8.70 per cent to close at 42 kobo. Eterna Oil depreciated by 8.05 per cent to close at N13.70 kobo. Veritas Kapital dropped 7.41 per cent to close at 25 kobo. Cadbury lost 6.67 per cent to close at N14. Cutix shed 4.66 per cent to close at N2.25 kobo. AIICO also dropped 4.29 per cent to close at 67 kobo.

On the other hand, Royal Exchange emerged the highest price gainer of 8.51 per cent to close at 51 kobo. Consolidated Hallmark Insurance followed with a gain of 6.96 per cent to close at N1.23 kobo while NASCON Allied Industries advanced by 5.45 per cent to close at N58 kobo.

Dangote Sugar Refinery appreciated by 3.13 per cent to close at N62.60 kobo. Flourmills added 4.20 kobo to close at N31. TransNational Corporation of Nigeria garnered 2.94 per cent to close at N6.30 kobo. Lasaco improved by 2.56 per cent to close at N2. Mansard advanced by 2.50 per cent to close at N4.10 kobo. Sterling Bank rose by 2.41 per cent to close at N3. 40 kobo. United Bank for Africa also increased by 2.28 per cent to close at N17.95 kobo.

Volume of trades went down by 8.002 million, representing 3.6 per cent as investors traded 216.070 million shares valued at N3.551 million in 5965 deals against 224.072 million shares worth N4.164 billion exchanged hands the previous day in 5049 deals.

Transactions in the shares of United Bank for Africa (UBA) led the activity with 32.621 million shares worth N579.345 million. Fidelity Bank followed with account of 28.954 million shares valued at N238.066 million, while AIICO Insurance traded 15.607 million shares valued at N10.618 million.

Dangote Sugar Refinery traded 15.607 million shares worth N10.618 million, while Transnational Corporation (Transcorp) traded 10.504 million shares worth N65.424 million.