The equity market witnessed the seventh consecutive trading sessions amid continuous sell off yesterday, resulting to a further decline in the All-share index by 0.84 per cent.
Yesterday, the All Share Index (ASI) was down by 270.56 absolute points, representing a decrease of 0.84 per cent, to close at 32,022.23 points. Similarly, the market capitalisation dipped N98 billion, to close at N11.691 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Cement Company of Northern Nigeria (CCNN), Conoil, Lafarge Africa, and Forte Oil.
Analysts at Cordros Capital, said: "our outlook for equities in the near-to-medium term is negative; and we guide investors to trade cautiously amidst absence of a near term positive catalyst and political jitters ahead of the upcoming 2019 elections.
However, macro-economic fundamentals remain stable and supportive of recovery in the long term."Market breadth closed negative, with nine gainers versus 26 losers. Skye Bank recorded the highest price gain of 10 per cent to close at 67 kobo, while Unity Bank followed with a gain of 8.97 per cent to close at 85 kobo, per share.
Transnational Corporation of Nigeria (Transcorp) appreciated by 4.63 per cent to close at N1.13, while Wema Bank, and Lasaco Assurance rose by 3.33 per cent each to close at 62 kobo and 31 kobo per share, respectively.
On the other hand, Lafarge Africa led the losers’ chart by 10 per cent to close at N20.70 per share. Conoil followed with a loss of 9.88 per cent to close at N21.90 per share.
CCNN depreciated by 9.87 per cent to close at N25.10 per share. NPF Microfinance Bank fell 9.70 per cent to close at N1.49, while First Aluminium shed 9.09 per cent to close at 30 kobo per share.
The total volume traded depreciated by 29.71 per cent to 173.55 million shares, worth N3.71 billion, and traded in 3,082 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 28.19 million shares valued at N929.76 million.
Zenith Bank followed with 25.86 million shares worth N514.61 million, while Skye Bank traded 18.87 million shares valued at N11.18 million.United Bank for Africa (UBA) traded 16.31 million shares valued at N116.16 million, while FBN Holdings transacted 7.36 million shares worth N58.9 million.