Market index plummets by 1.18% after 11 days upbeat
After 11 consecutive days uptrend, the Nigerian equities market recorded its first trading loss in the year, yesterday, as the All-Share Index depreciated by 1.18 per cent.
The All-Share Index (ASI) shed 350.43 absolute points, representing a decline of 1.18 per cent to close at 29,283.15 points. Similarly, the overall market capitalisation lost N181 billion to close at N15.106 trillion.
The drop in indices may, however be attributed to profit taking by investors as they leveraged the capital appreciation to recoup their investment.
The downturn was impacted by loses recorded in medium and large capitalised stocks, amongst which were, Nigerian Breweries, MTN Nigeria, Dangote Cement, United Bank for Africa (UBA), and Zenith Bank.
Analysts at APT Securities and Funds Limited, said: “We expect the uptrend to continue with correction days in between propelled by profit takers.”
Afrinvest Limited also anticipates a mixed performance in the market in the interim due to profit taking.
Market breadth closed negative, recorded 13 gainers against 23 losers.
Beta Glass led the gainers table with 9.67 per cent each to close at N59 per share.
CI Leasing followed with 8.89 per cent to close at N7.35 per share. Ekocorp Plc rose by 7.22 per cent to close at N5.20, per share.
Forte Oil gained by 5.62 per cent to close at N17.85, while Cadbury Nigeria edged 5.26 per cent to close at N10.00, per share.
On the other hand, Tourist Company of Nigeria led the laggards’ table with 10 per cent to close at N3.15 per share.
NEM Insurance trailed with a loss of 9.69 per cent to close at N2.05, while NPF Micro Finance Bank shed 9.56 per cent to close at N1.23, per share.
Consolidated Hallmark Insurance dipped 9.52 per cent to close at 38 kobo, and Nigerian Breweries shed 8.83 per cent to close at N51.10, per share.
However, total volume traded increased by 91.47 per cent to 666.78 million shares valued at N6.52 billion, exchanged in 5,711 deals.
Transactions in the shares of Union Diagnostic & Clinical Services topped the activity chart with 340.21 million shares valued at N71.44 million.
Zenith Bank traded 69.72 million shares worth N1.51 billion, and UBA transacted 38.79 million shares at N329.15 million.
Access Bank sold 37.33 million shares worth N393.94 million, while FBN Holdings traded 21.97 million shares valued at N157.61 million.
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