The bears sustained dominance at the Nigerian Stock Exchange, as blue-chip stocks joined the league of losers, resulting in a further slide in market capitalisation by 112 billion.
Yesterday, the All-Share Index (ASI) dropped by 214.21 absolute points, representing a fall of 0.51 per cent to close at 41,785.80 points. Also, the overall market capitalisation lost N112 billion to close at N21.859 trillion.
The market loss was driven by price depreciation in large and medium capital stocks amongst which were; Dangote Cement, Julius Berger, Northern Nigeria Flour Mills (NNFM), Champion Breweries, and Zenith Bank.
Afrinvest Limited said: “We expect the market to close in the negative region this week.”
Market sentiment, as measured by market breadth, was negative, as 25 stocks declined, relative to 22 gainers. African Alliance Insurance and Guinea Insurance recorded the highest price gain of 10 per cent each, to close at 22 kobo each, while McNichols Plc followed with a gain 9.84 per cent to close at 67 kobo.
Wapic Insurance rose 9.26 per cent to close at 59 kobo, while May & Baker Nigeria appreciated by 7.69 per cent to close at N4.90, per share.
On the other hand, NNFM led the losers’ chart by 9.94 per cent to close at N7.88, kobo. Champion Breweries followed with a decline of 9.73 per cent to close at N3.06, while Linkage Assurance shed by 9.59 per cent to close at 66 kobo, per share.
FTN Cocoa Processors lost 9.43 per cent to close at 48 kobo, and Jaiz Bank slipped 9.33 per cent to close at 68 kobo.
However, the total volume traded rose by 24.7 per cent to 629.410 million shares worth N7.981 billion, traded in 4,753 deals.
Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 126.358 million shares valued at N923.179 million.
Guaranty Trust Bank followed with 87.213 million shares worth N923.179 million, while Union Bank of Nigeria (UBN) traded 78.442 million shares valued at N454.964 million.
FCMB Group traded 66.492 million shares at N232.243 million, and Transnational Corporation of Nigeria (Transcorp) transacted 40.96 million shares worth N41.301 million.