Transactions on the equity sector of the Nigerian Stock Exchange (NSE), sustained the sliding profile, even as more blue chip stocks depreciated in price, resulting to a further plunge in market capitalisation by N82 billion.
At the close of trading yesterday, the All -Share Index (ASI) declined by 219.35 absolute points, representing a decrease of 0.74 per cent to close at 29,521.06 points. Similarly, market capitalisation fell N82 billion to close at N11.095 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Total Nigeria, Stanbic IBTC Holdings, Cement Company of Northern Nigeria (CCNN), Dangote Cement, and Guaranty Trust Bank.
Analysts at Afrinvest Limited, said: "Following the losses sustained on fundamentally sound stocks, we expect bargain hunting in subsequent sessions buoyed by the improving investor sentiment and the first quarter 2019 earnings reports, to drive positive market performance in the near term."
Market breadth was negative, with 25 gainers versus 26 losers. Veritas Kapital Assurance recorded the highest price gain of 10 per cent to close at 22 kobo per share.
Dangote Flour Mills followed with 9.97 per cent to close at N17.10, while Forte Oil appreciated 9.93 per cent to close at N32.10, per share.
Julius Berger also rose 9.78 per cent to close at N24.70, while Chams appreciated by 9.52 per cent to close at 46kobo, per share.
On the other hand, CCNN led the losers’ chart by 9.71 per cent to close at N15.35 per share.
May and Baker Nigeria followed with 8.89 per cent to close at N2.05, while Total Nigeria depreciated by 8.74 per cent to close at N166.10 per share.
First Aluminium Nigeria shed 8.33 per cent to close at 44 kobo, and Union Diagnostic & Clinical Services lost eight per cent to close at 23 kobo, per share.
However, total volume traded rose 18.65 per cent to 290.19 million shares worth N2.16 billion, traded in 4,302 deals. Transactions in the shares of Japaul Oil & Maritime Services topped the activity chart with 60.42 million shares valued at N17.96 million.Caverton Offshore Support Group followed with 46.9 million shares worth N125.32 million, while UAC of Nigeria traded 41.05 million shares valued at N285.79 million.Access Bank traded 17.25 million shares at N115.46 million, while FBN Holdings transacted 14.17 million shares worth N102.97 million. Job Cuts as Standard Bank South Africa Changes Business Model