Lagos — Nigerian equities market extended negative stance into the second trading session of the week as the Nigerian Stock Exchange- All Share Index (NSE-ASI) shed 0.14 per cent, yesterday.
NSE-ASI declined by 43.07 absolute points, representing a decrease of 0.14 per cent, to close at 31,082.32 points. Similarly, market capitalisation shed N16 billion, to close at N11.591 trillion.
Yesterday's performance was influenced by price depreciation in medium and large capitalised stocks, among which are, Nestle Nigeria, Presco, Nigerian Breweries, GlaxoSmithKline Consumer Nigeria and Dangote Cement.
Analysts at APT Securities and Funds Limited said that downward trend persists amidst good fundamentals. This is unconnected to low foreign participation as foreign investors take a watch posit in anticipation of new economic reforms.
They however, said there is no cause for alarm as Investors are encouraged to focus on liquid stocks that have been affected by downward trend, likewise dividend paying stocks bearing in mind that strong fundamental(s) is a good reason to position for mid to long term amidst dwindled stock
Market breadth closed negative with 17 gainers against 18 losers. McNichols recorded the highest price gain of 10 per cent, to close at 66 kobo, per share. First Aluminium Nigeria followed with a gain of 7.14 per cent, to close at 30 kobo, while FCMB Groups rose by 6.67 per cent to close at N1.92, per share.
Trans-Nationwide Express appreciated by 6.15 per cent to close at 69 kobo, while NPF Micro Finance Bank went up by 5.30 per cent to close at N1.59, per share. On the other hand, presco led the losers' chart by 9.33 per cent, to close at N68, while Glaxosmith and Ikeja Hotel followed with a decline 9.09 per cent each, to close at N10.50 and N1.70, respectively, per share.
Sovereign Trust Insurance declined by 8.70 per cent to close at 21 kobo, while Nigerian Breweries down by 6.67 per cent, to close at N70, per share.
However, total volume traded went up by 39.46 per cent to 286.9 million units, valued at N3.09 billion, and exchanged in 3,924 deals. Access Bank traded with 84.67 million shares valued at N500.04 million. United Bank for Africa (UBA) followed with 40.91 million shares worth N307.88 million, while Zenith Bank traded 22.15 million shares valued at N482.91 million.
Guaranty Trust Bank traded 22.06 million shares valued at N796.96 million, while Chams transacted 20.05 million shares worth N4.01 million.