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The Nigerian Exchange Limited (NGX) reversed gains to close on a downward note yesterday, occasioned by losses in 16 stocks, as market capitalisation depreciated by N21 billion.

  Specifically, the market capitalisation of listed equities declined by 0.08 per cent to N25.442 trillion from N25.463 trillion reported the previous day.

  The All Share Index (ASI) also depreciated by 39.63 basis points to 47207.67 points from 47246.90 points recorded on Tuesday.

  Investors traded 203.645 million shares valued at N3.493 billion in 4377 deals against 421.820 million shares worth N5.155 billion exchanged hands the previous day in 5992 deals.

  The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Sugar, Flourmills, African Prudential, Stanbic IBTC, Ecobank Transnational Incorporated, Unity Bank and GTCO.

  However, market sentiment was positive as 26 stocks appreciated in price while 16 constituted the losers’ chart.

  Analysts at Vetiva Dealing and Brokerage said, “Despite the recovery seen in the insurance sector (+91bps) and the marginal gain in the oil and gas space (+3bps), the domestic bourse closed south due to decline in the banking (-35bps) and consumer goods (-588bps) sector.

  “We expect this bearish sentiment to filter into tomorrow’s trading session, amid bargain hunting in some counters spurred by cheap valuations, and continued sell-offs in other counters.

  On the price movement chart, Africa Prudential recorded the highest loss, dropping by 5.77 per cent to close at N7.35 kobo.  Dangote Sugar trailed with a loss of 5.28 per cent to close at N17.05 kobo.  Chams Plc dipped by 4.17 per cent to close at 23 kobos.

  Mutual Benefits sheds 3.70 per cent to close at 26 kobo. Ecobank Transnational Incorporated depreciated by 2.98 per cent to N11.40. Unity Bank shed 2.00 per cent to close at 49 kobo. Linkage Assurance depreciated by 1.96 per cent to close at 50 kobo.

  Sterling Bank lost 1.82 per cent to close at N1.62 kobo. International Breweries dropped 1.79 per cent to close at N5.50 kobo. Flour mills also shed 1.49 per cent to close at N33.

  However, Extranzact led gainers’ chart, adding 10 per cent to close at N2.20 kobo while  RTBriscoe followed with a gain of 9.72 per cent to close at N79. Niger Insurance added 9.09 per cent to close at 24 kobo. May and Baker appreciated by 9.00 per cent to close at N5.45 kobo. Wema Bank increased by 8.99 per cent to close at 97 kobo.

   Multiverse gained 8.70 kobo to close at 25 kobo. Japaul Gold added 5.26 per cent to close at 40 kobo. Mansard appreciated by 5.11 per cent to close at N2.47 kobo. United Capital garnered 4.81 per cent to close at N14.15 kobo. PZ Cussons also added 4.48 per cent to close at N7.

  Transnational Corporation of Nigeria was the toast of investors, exchanging 23.191 million shares valued at N29.089 million, Fidelity Bank followed with an account of 15.522 million shares worth N48.046 million.

  United Capital traded 14.711 million shares valued at N204.656 million, Regal Insurance traded 13.773 million shares worth N50.282 million while FBNHoldings traded 13.170 million shares valued at N150.742 million

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