The Nigerian equities market yesterday maintained negative sentiment as the Nigerian Stock Exchange (NSE) All Share Index (ASI) further lost 0.30 per cent. NSE-ASI shed 108.44 absolute points, representing a decline of 0.30 per cent to close at 36,346.80 points.
Also, the market capitalisation declined by N39 billion to close at N13.167 trillion. The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Forte Oil, Lafarge Africa, Dangote Sugar, Flour Mills Nigeria and Nigerian Breweries.
Analysts at Cordros Capital Limited said that “our outlook for equities in the short to medium term remain dampened, amidst brewing political concerns, unimpressive corporate releases so far and the absence of a one-off positive trigger. However, strengthening macro-economic fundamentals remain supportive of long term gains.”
Market breadth closed negative, with 15 gainers versus 29 losers. Champion Breweries and Caverton Offshore Support Group recorded the highest price gain of 10 per cent each, to both close at N2.09 each, while Cutix followed with a gain of 9.92 per cent to close at N3.99 per share.
Fidelity Bank appreciated by 9.88 per cent to close at N1.89, while Beta Glass gained seven per cent to close at N78 per share.
On the other hand, Livestock led the losers’ chart by 10 per cent, to close at 63 kobo, while Japaul Oil and Maritime Services followed with a loss of 9.68 per cent to close at 28 kobo per share.
Mutual Benefit Assurance and Royal Exchange declined by 9.09 per cent each, to close at 30 kobo each and Dangote Sugar shed 8.82 per cent to close at N15.50 per share
The total volume traded declined by 12.89 per cent to 329.9 million shares, worth N3.65 billion, and traded in 4,327 deals. Transactions in the shares of FBN Holdings topped the activity chart with 88.1 million shares valued at N820.04 million. United Bank of Africa (UBA) followed with 51.7 million shares worth N482.02 million, while Access Bank traded 39.22 million shares valued at N394.17 million.
Zenith Bank traded 20.4 million shares valued at N473.29 million, while Diamond Bank transacted 17.96 million shares worth N22.83 million.
