Stock market reverses previous gains, down by 0.2 per cent

Following price losses suffered by most bellwethers, the equities market yesterday reversed previous day’s gains, shedding 0.2 per cent.The All Share Index (ASI) shed 43.75 absolute points, representing a decline of 0.16 per cent to close at 26,513.65 points. Similarly, the market capitalisation lost N21 billion to close at N12.907 trillion.
   
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; MTN Nigeria, GlaxoSmithKline Consumer Nigeria, Dangote Flour Mills, Guaranty Trust Bank, and Africa Prudential.Analysts at Afrinvest said the bearish sentiments would persist as investors continue to take a risk-off approach towards the market.
   
Market breadth closed negative, with seven gainers against 12 losers. Nigerian Aviation Handling Company (NAHCO) recorded the highest price gain of 5.15 per cent to close at N2.45 per share. Cement Company Northern Nigeria (CCNN) followed with 4.28 per cent to close at N15.85, while United Capital rose 3.45 per cent to close at N1.10, per share.
   
Fidson Healthcare added 1.27 per cent to close at N4.00, and FBN Holdings 0.95 per cent to close at N5.30, per share.On the other hand, GlaxoSmithKline Consumer Nigeria led the losers’ chart with 9.86 per cent, to close at N6.40, per share. Courteville Business Solutions followed with 9.09 per cent to close at 20 kobo.
     
Union Diagnostic & Clinical Services fell 8.33 to close at 22 kobo per share. Chams lost 7.69 per cent to close at 24 kobo, and Aiico Insurance shed 7.35 per cent to close at 63 kobo, per share.
   
However, total volume traded increased by 35.1 per cent to 174.41 million shares worth N2.32 billion, traded in 2,484 deals.Transactions in the shares of Access Bank topped the activity chart with 27.28 million shares valued at N201.51 million. Guaranty Trust Bank followed with 24.60 million shares worth N655.82 million.
   
FCMB Groups traded 22.96 million shares valued at N36.76 million.Global Spectrum Energy Services traded 20 million shares at N94 million, while Transnational Corporation of Nigeria Plc (Transcorp) transacted 14.45 million shares worth N14.61 million.