Trading activities on the Nigerian stock market yesterday declined by N120 billion to close negative extending the previous day’s losses.
The All-Share Index decreased by 222.65 absolute points, representing a dip of 0.48 per cent to close at 46,543.51 points. Similarly, the market capitalisation lost N120 billion to close at N25.092 trillion.
The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are; UAC of Nigeria (UACN), Transcorp Hotels, Ecobank Transnational Incorporated (ETI), Dangote Sugar Refinery and GlaxoSmithKline Consumer Nigeria.
On market outlook, GTI Securities Limited said: “Bearish sentiment persists as equity market closed negative. We expect negative sentiments to persist for the rest of the week, pending any significant economic developments.”
However, market sentiment, as measured by market breadth, was positive, as 20 stocks gained, relative to 15 losers. Conoil recorded the highest price gain of 9.89 per cent, to close at N24.45, per share. R.T. Briscoe Nigeria followed with a gain 9.80 per cent to close at 56 kobo, while Japaul Gold and Ventures appreciated by 9.68 per cent to close at 34 kobo, per share.
Meyer went up by 9.57 per cent to close at N1.03, while Regency Alliance Insurance appreciated by 9.09 per cent, to close at 36 kobo, per share. On the other hand, Veritas Kapital Assurance led the losers’ chart by 8.70 per cent, to close at 21 kobo, per share.
UACN followed with a decline of 7.49 per cent to close at N10.50, while Transcorp Hotels depreciated by 6.78 per cent to close at N4.95, per share.
UPDC Real Estate Investment Trust lost 2.94 per cent to close at N3.30, while ETI shed 2.92 per cent to close at N11.65, per share.
Also, the total volume traded fell by 6.7 per cent to 244.042 million shares, worth N2.350 billion, and traded in 4,710 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 44.426 million shares valued at N155.626 million. Transnational Corporation of Nigeria (Transcorp) followed with 35.757 million shares worth N34.849 million, while Zenith Bank traded 23.296 million shares valued at N53.159 million.
United Bank for Africa (UBA) traded 15.635 million shares valued at N121.330 million, while Access Holdings transacted 12.913 million shares worth N125.938 million.