Following price losses suffered by the bellwethers, the Nigerian Stock Exchange (NSE) reversed its seven-day positive performance yesterday, as market capitalization depreciated by N101 billion.
Specifically, at the close of trading on Monday, the All Share Index (ASI) was down by 272.45 absolute points, representing a decline of 0.88 per cent to close at 30,732.72 points.
Similarly, market capitalization decreased by ₦101 billion to close at ₦11.461 trillion.
The downturn was impacted by loses recorded in medium and large capitalized stocks, amongst which are, Seplat Petroleum Development Company, Mobil Nigeria, Dangote Cement, Lafarge Africa, and e-Tranzact.
Analysts at Afrinvest Limited, said: “We expect yesterday’s performance to persist into tomorrow’s trading session, as we maintain our near-term bearish outlook for the domestic equities market.”
Market breadth closed negative, recorded 13 gainers against 18 losers. Linkage Assurance led the gainers table by 8.93 per cent to close at 61 kobo per share.
Mutual Benefits Assurance followed with a gain of 7.41 per cent to close at 29 kobo, while Cement Company of Northern Nigeria (CCNN) appreciated by 7.17 per cent to close at ₦26.90 kobo per share.
Livestock Feeds gained by 6.25 per cent to close at 51 kobo, while Jaiz Bank rose six per cent to close at 53 kobo per share.
On the other hand, e-Tranzact led the laggards’ table by 8.71 per cent to close at ₦3.25, while Seplat trailed with a loss of 7.99 per cent to close at ₦530 per share.
Resort Savings and Loans, and Sovereign Trust Insurance dipped 7.69 per cent each, to close at 24 kobo, respectively, while Mutual Benefit Assurance dropped 4.76 per cent to close at 20 kobo per share.
However, total volume traded rose by 66 per cent to 499.21 million shares, valued at ₦5.53 billion, and exchanged in 3,874 deals. Transactions in the shares of Diamond Bank topped the activity chart with 239.36 million shares valued at ₦497.89 million.
Guaranty Trust Bank traded 119.35 million shares worth ₦3.8 billion, and Zenith Bank transacted 26.11 million shares valued at ₦563.2 million.
NEM Insurance followed with 21.16 million shares worth ₦57.46 million, while FBN Holdings traded 15.97 million shares valued at ₦115.64 million.
By Helen Oji
The Guardian Newspaper January 22nd, 2019