The Nigerian equities market extended its losses to the second trading session of the week and month of April on the back of sustained losses in high capitalised stocks.
As a result, the All Share Index (ASI) shed 300.73 absolute points, representing a dip of 0.99 per cent to close at 30,226.77 points. Similarly, the market capitalisation shed N114 billion to close at N11.353 trillion.
Yesterday’s performance was influenced by price depreciation in medium and large capitalised stocks, among which are, Nestle Nigeria, Beta Glass, Nigerian Breweries, Unilever Nigeria and Forte Oil.
Analysts at Afrinvest Limited expected this negative performance recorded thus far to persist in subsequent trading sessions, we do not rule out the possibility of an upturn in the performance of the Benchmark index as investors continue to take position in fundamentally attractive stocks.
Market breadth remained negative with 10 gainers against 28 losers. Soverign Trust Insurance and Wema Bank recorded the highest price gain of 10 per cent, each to close at 22 kobo and 77 kobo, respectively, while Ikeja Hotel followed with a gain of 9.71 per cent, to close at N2.26, per share.
Dangote Sugar Refinery appreciated by 5.63 per cent to close at N15, while NEM Insurance went up by 4.95 per cent to close at N2.33, per share. On the other hand, Beta Glass led the losers’ chart by 9.95 per cent, to close at N58.35, per share.
Oil followed with a decline 9.93 per cent to close at N24.95, while Nigerian Breweries declined by 9.68 per cent to close at N56.90, per share.