For the second consecutive session, Nigerian equities experienced a decline, resulting in an overall capitalization decrease of N111 billion.
Consequently, the All-Share Index recorded a loss of 0.31 percent, shedding 204.25 points to close at 65,482.91 points. Similarly, the overall market capitalization value dropped by N111 billion, closing at N35.635 trillion.
The market’s poor performance was mainly due to the drop in prices of big and medium-sized company stocks. This includes Nigerian Breweries, Cadbury Nigeria, Flour Mills of Nigeria, Guaranty Trust Holding Company (GTCO), and FBN Holdings (FBNH).
Analysts at Afrinvest Limited stated that “in the last trading session, we expected the bearish performance to continue in the absence of a positive catalyst.”
In the stock market, the negative market breadth was evident, as 38 stocks experienced losses compared to 14 gainers. Lasaco Assurance recorded the highest price gain, rising by 10 percent to close at N2.09 per share. Following closely, Multiverse Mining and Exploration saw a gain of 9.96 percent, closing at N2.98, while Skyway Aviation Handling Company rose by 9.91 percent to close at N23.30 per share.
R.T. Briscoe Nigeria showed a 6.00 percent rise, closing at 53 kobo, and Chemical and Allied Products (CAP) gained 5.26 percent, closing at N22.00 per share.
Conversely, Japaul Gold & Ventures led the losers’ chart with a decline of 9.91 percent, closing at N1.00 per share. Cadbury Nigeria followed with a decrease of 9.80 percent, closing at N13.80, while FTN Cocoa Processors lost 9.40 percent, closing at N2.41 per share.
Neimeth International Pharmaceuticals declined by 9.34 percent to close at N1.65, and Courteville Business Solutions shed 9.09 percent, closing at 60 kobo per share.
In terms of trading volume, there was a 1.76 percent increase to 509.247 million units, valued at N4.796 billion, exchanged in 8,070 deals.
Japaul Gold & Ventures topped the activity chart with 115.698 million shares valued at N129.724 million. United Bank for Africa (UBA) followed with 40.430 million shares worth N595.919 million, and Transnational Corporation (Transcorp) traded 37.499 million shares valued at N133.5 million.
FCMB Group transacted 34.990 million shares worth N237.688 million, while Fidelity Bank traded 31.847 million shares valued at N271.169 million.
