The Nigerian equities market extended negative outlook in the second trading session of the year as the All-Share Index declined by 0.96 per cent, yesterday.
The All Share Index (ASI) shed 298.74 absolute points, representing a dip of 0.96 per cent to close at 30,771.32 points. Similarly, the market capitalisation shed N111 billion at N11.475 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Stanbic IBTC Holdings, Guaranty Trust Bank, GlaxoSmithKline Consumer Nigeria, Cement Company of Northern Nigeria (CCNN) and Chemical & Allied Products (CAP).
Analysts at Afrinvest Limited stated that “despite the bearish performance of the market, good bargains in fundamentally sound stocks exist. We expect investors to take positions in these stocks even as pre-election jitters continue.”
Market breadth closed negative with 13 gainers against 24 losers. Forte Oil recorded the highest price gain of 9.64 per cent, to close at N30.70, per share. Union Bank of Nigeria (UBN) followed with a gain of 8.04 per cent, to close at N6.05, while Trans-Nationwide Express rose by 7.69 per cent to close at 70 kobo, per share.
Julius Berger appreciated by 5.20 per cent to close at N23.25, while Jaiz Bank went up by 3.85 per cent to close at 54 kobo, per share. On the other hand, Glaxosmith led the losers’ chart by 10 per cent, to close at N13.05, while University Press (UPL) followed with a decline 9.63 per cent to close at N1.97, per share.
McNichols declined by 8.51 per cent to close at 43 kobo, while FCMB Groups and First Aluminium down by 8.33 per cent, each to close at N1.65 and 33 kobo, per share, respectively.
Total volume traded went down by 21.09 per cent to 169.19 million units, valued at N1.13 billion, and exchanged in 3,683 deals. Diamond Bank traded with 51.95 million shares valued at N107.2 million. Transnational Corporation of Nigeria (Transcorp) followed with 12.81 million shares worth N15.58 million, while Access Bank traded 11.26 million shares valued at N71.4 million.
FCMB Groups traded 9.77 million shares valued at N16.49 million, while Zenith Bank transacted 7.41 million shares worth N168.68 million.