Negative sentiments dominated trading in the domestic equities market, as profit-taking in high capitalised stocks drove the market lower at the end of yesterday trading activities.
The All Share Index (ASI) shed 310.07 points or 1.27 percent to 24,026.05 points. Similarly, investors lost N162 billion in value as market capitalisation went down to N12.533 trillion. Accordingly, Month-to-Date and Year-to-Date losses increased to 1.9 percent and 10.5 percent, respectively.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Beta Glass, BUA Cement, Julius Berger and C & I Leasing.
Despite the decline in the first trading day, analysts at Afrinvest Limited expected bargain hunting to drive gains in the next trading session.
Also, analysts at APT Securities and Funds Limited “We expect a slowdown in market activity in a short while before positive rally picks up in mid to long term owing to anticipating half year earnings release.”
Market breadth closed negative; 14 stocks posted gains while 17 stocks posted declines. Cornerstone Insurance and Nigerian Aviation Handling Company (NAHCO) recorded the highest price gain of 10 percent each to close at 55 kobo and N2.20, respectively, while Zenith Bank followed with a gain 5.25 percent to close at N16.05, per share.
Flour Mills of Nigeria went up by 5.11 percent to close at N18.50, while Regency Alliance Insurance appreciated by 4.76 percent to close at 22 kobo, per share. On the other hand, Beta Glass led the losers’ chart by 9.95 percent, to close at N61.55, while Julius Berger followed with a decline of 9.81 percent to close at N16.55, per share.
Livestock Feeds lost 9.68 percent to close at 56 kobo, while Prestige Assurance and Unity Bank shed 9.62 percent each to close at 47 kobo each, per share.
However, the total volume traded increased by 33.5 percent to 189.691 million shares, worth N2.785 billion, and traded in 4,216 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 60.469 million shares valued at N1.276 billion. Access Bank followed with 25.335 million shares worth N161.348 million, while United Bank for Africa (UBA) traded 8.778 million shares valued at N53.215 million.
FBN Holdings traded 8.498 million shares valued at N42.749 million, while Zenith Bank transacted 7.996 million shares worth N125.818 million.