The Nigerian stock market reversed gains, to close on a downturn yesterday, as market capitalisation declined by N70 billion, amid sell pressure in 27 stocks.
Precisely, the All-Share Index declined by 111.37 points, representing a loss of 0.10 per cent to close at 109,619.10 points. Also, market capitalisation fell by N70 billion to close at N68.896 trillion.
The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Oando, Access Holdings, Unilever Nigeria, Champion Breweries and Lafarge Africa.
On market outlook, Afrinvest Limited said: “We expect the local bourse to return to the green territory due to the improved market sentiment, barring any negative shock.”
Analysts at Vetiva Dealings and Brokerage, said: “As the week progresses, market direction will hinge on whether consumer resilience can continue to offset sectoral drags from banks and oil & gas.
“With back-to-back declines in market breadth and increasing selectivity among investors, sustained momentum in consumer goods may be required to keep sentiment afloat. Absent that, a modest pullback could continue into the week’s close.”
Despite the decline, investor sentiment, as measured by market breadth closed positive as 29 stocks gained, while 27 lost. RT Briscoe Nigeria emerged the highest price gainer of 10 per cent to close at N2.09 kobo.
Eunisell Interlinked followed with a gain of 9.75 per cent to close at N12.95 kobo, while Livestock Feeds rose by 9.61 per cent to close at N8.90 kobo.
Linkage Assurance appreciated by 9.46 per cent to close at N1.62 kobo while Meyer advanced by 8.89 per cent to close at N9.80 kobo.
On the other side, Champion Breweries and Lasaco Assurance led others on the losers’ chart with 10 per cent each to close at N7.20 kobo and N2.52 kobo respectively, while McNichols followed with a decline of 9.45 per cent to close at N2.30 kobo.
Multiverse Mining & Exploration lost 7.22 per cent to close at N9, while Sovereign Trust Insurance depreciated by 6.80 per cent to close at 96 kobo.
The total volume of trades rose by 33.6 per cent to 664.159 million units, valued at N12.996 billion, and exchanged in 19,439 deals. Transactions in the shares of Japaul Gold & Ventures led the activity with 90.022 million shares worth N186.472 million.
Tantalizer followed with a volume of 82.749 million shares valued at N231 million, while Fidelity Bank traded 67.688 million shares valued at N1.255 billion.
Nigerian Breweries traded 52.243 million shares worth N3.132 billion, while Custodian Investment traded 36.493 million shares worth N719.281 million.
