The Nigerian equities market sustained negative sentiments yesterday, as the overall capitalisation declined by N368 billion, amid price depreciation in CAP and 42 stocks.
The all-share Index shed by 580.48 per cent, representing a loss of 0.42 per cent, to close at 138,157.16 points. Similarly, the overall market capitalisation value depreciated by N368 billion to close at N87.416 trillion.
The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; CAP, Nigerian Breweries, Aradel Holdings, PZ Cussons Nigeria and AXA Mansard Insurance.
On market outlook, Afrinvest Limited said: “We expect cautious trading session as lingering profit-taking and weak investor sentiment exert pressure on key sectors, likely extending the market’s downward trend.”
Market sentiment remained subdued, as shown by a negative breadth with 14 stocks advancing compared to 43 decliners. Secure Electronic Technology recorded the highest price gain of 9.09 per cent to close at 96 kobo, per share. Consolidated Hallmark Holdings followed with a gain of 8.53 per cent to close at N4.20, while John Holts rose by 7.94 per cent to close at N6.80 kobo.
Cadbury Nigeria appreciated by 5.45 per cent to close at N58.00, while Wema Bank rose by 5.31 per cent to close at N20.80 kobo.
On the other hand, DAAR Communications, Learn Africa and Legend Internet led the losers’ chart by 10 per cent each to close at 90 kobo, N7.02 and N4.77 respectively.
AXA Mansard Insurance followed with a decline of 9.95 per cent to close at N14.39 kobo, while Universal Insurance declined by 9.60 per cent to close at N1.13 kobo.
Meanwhile, the total volume of trade increased by 19.34 per cent to 482.761 million units, valued at N19.673 billion and exchanged in 28,193 deals.
Transactions in the shares of Access Holdings topped the activity chart with 43.033 million shares valued at N1.101 billion.
Fidelity Bank followed with 40.129 million shares worth N843.768 million, while Guaranty Trust Holding Company (GTCO) traded 34.846 million shares valued at N3.158 billion.
United Bank for Africa (UBA) traded 33.43 million shares valued at N1.535 billion, while AIICO Insurance transacted 29.079 million shares worth N91.571 million.
