The Nigerian equities market yesterday dipped further by 0.65 percent to commenced trading for this week.
The All Share Index (ASI) decreased by 174.21 absolute points, representing a decline of 0.65 per cent to close at 26,681.31 points. Similarly, the market capitalisation lost N84 billion and closed at N12.878 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Guaranty Trust Bank, Cadbury Nigeria, Berger Paints, Dangote Cement and CI Leasing.
Analysts at Afrinvest Limited stated that “We maintain our bearish stance for the market, although the current low prices of stocks present opportunities for bargain hunting.”
Market breadth was negative, with five gainers versus 28 losers. AXA Mansard Insurance recorded the highest price gain of 9.09 per cent, to close at N1.80, per share. Cornerstone Insurance followed with a gain 7.94 per cent to close at 68 kobo, while Eterna rose by 7.14 per cent to close at N3.00, per share.
NPF Micro Finance Bank went up by 3.60 per cent to close at N1.15, while Fidelity Bank appreciated by 0.99 per cent to close at N2.04, per share. On the other hand, Berger Paints led the losers’ chart by 10 per cent, to close at N6.75, per share. C & I Leasing followed with a decline of 9.24 per cent to close at N5.40, while Niger Insurance declined by 9.09 per cent to close at 20 kobo, per share.
Cadbury Nigeria lost 8.59 per cent to close at N9.05, while DN Meyer shed 8.47 per cent to close at 54 kobo, per share.
Total volume traded dipped by 2.21 per cent to 192.68 million shares, worth N3.55 billion, and traded in 3,594 deals. Transactions in the shares of Zenith Bank topped the activity chart with 24.23 million shares valued at N450.06 million. UAC of Nigeria (UACN) followed with 19.62 million shares worth N159.33 million, while Dangote Cement traded 12.86 million shares valued at N1.80 million.