Negative trend persists at stock market, capitalisation loses N12bn

Specifically, the market capitalisation, which opened at N13.017 trillion, lost N12 billion or 0.09 per cent to close at N13.005 trillion.

Also, the All-Share Index (ASI) dipped by 23.44 points or 0.09 per cent to close at 24,930.88 compared with 24,954.32 on Monday.

The downturn was impacted by losses recorded by large and medium capitalised stocks, which included Flour Mills, MTN Nigeria Communications, Ardova Plc, C&I Leasing and Neimeth.

Analysts at United Capital Plc said, “we expect the market to remain volatile, as investors continue to position in cheap and fundamentally strong stocks, while taking profit on some stocks that have gained over the previous week.”

The market closed in the negative zone, recording 13 gainers against 22 losers.

Neimeth led the losers’ chart in percentage terms, dropping 9.91 per cent, to close at N2.09, per share.

Prestige Assurance followed with 9.52 per cent to close at 57k, while C & I Leasing lost 9.38 to close at N4.35, per share.

AIICO Insurance shed 9.35 per cent to close at 97k, while Mutual Benefits decreased by 8.70 per cent to close at 21k, per share.

Conversely, Fidson dominated the gainers’ table in percentage terms, gaining 10 per cent, to close at N3.63, per share.

Skyway followed with 8.06 per cent to close at N2.95, while Caverton appreciated by 7.35 per cent to close at N2.19, per share.

Honeywell Flour Mill rose by 6.93 per cent to close at N1.08, while Red Star Express garnered 4.68 per cent to close at N3.80, per share.

In the same vein, the volume of shares transacted decreased by 15.68 per cent as investors bought and sold 200.39 million shares, valued at N1.59 billion exchanged in 4,194 deals.

This was in contrast with 237.65 million shares worth N1.61 billion exchanged in 4,808 deals on Monday.

Transactions in the shares of FBN Holdings topped the activity chart with 26.95 million shares valued at N139.93 million.

Zenith Bank followed with 22.63 million shares worth N368.47 million, while FCMB Group traded 21.26 million shares valued at N36.58 million.

Lafarge Africa accounted for 11.88 million shares worth N129.92 million, while Guaranty Trust Bank transacted 11.52 million shares valued at N271.96 million.