The Nigerian equities market on Tuesday declined further by N62 billion, due to sustained profit taking activity.
The News Agency of Nigeria reports that the market capitalisation shed N62 billion or 0.53 per cent to close at N11.626 trillion against N11.688 trillion on Monday.
Also, the All-Share Index shed 165.53 points, representing a dip of 0.53 per cent to close at 31,178.71, compared with 31,344.24 achieved on Monday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Zenith Bank, Guaranty Trust Bank, Access Bank and Dangote Sugar.
Analysts at Cordros Capital said that “our outlook for equities in the near-to-medium term remains conservative, in the absence of a near term positive catalyst and amidst brewing political concerns”.
Also, analysts at Afrinvest Limited anticipated further profit taking in market bellwethers in subsequent sessions.
NAN reports that market breadth was negative with 14 gainers against 30 losers.
Red Star Express recorded the highest price gain of 10 per cent, to close at N5.50, per share. UAC Property Development Co followed with a gain of 9.55 per cent, to close at N1.72, while Wapic Insurance rose by 7.69 per cent to close at 42k, per share.
PZ Industries appreciated by 7.52 per cent to close at N12.15, while Associated Bus Company went up by 6.90 per cent to close at 31k per share.
On the other hand, Academy Press and Neimeth International Pharmaceuticals led the losers’ chart by 10 per cent, each to close at 45k and 63k, respectively.
Linkage Assurance followed with a decline 9.68 per cent to close at 56k, per share.
Ikeja Hotel declined by 9.52 per cent to close at N1.52, while Veritas Kapital Assurance was down by 8.33 per cent to close at 22k per share.
Meanwhile, total volume increased by 61.44 per cent to 359.51 million units, valued at N1.91 billion exchanged in 3,773 deals.
This was in contrast with a turnover of 222.69 million shares worth N1.84 billion transacted in 4,150 deals on Monday.
Consolidated Hallmark Insurance traded with 100.41 million shares valued at N31.12 million.
United Bank for Africa followed with 48.84 million shares worth N354.75 million, while Sterling Bank traded 30.15 million shares valued at N66.16 million.
Diamond Bank traded 24.03 million shares worth N55.59 million, while Red Star Express transacted 20.73 million shares worth N109.02 million.