The equities market, on Tuesday, recorded its first loss after 12 consecutive sessions of positive performance.
The market capitalisation dropped by N4 billion to close at N93.756 trillion, having opened at N93.760 trillion.
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The All-Share Index also declined by 6.27 points to close at 147,710.96 against 147,717.23 reported on Monday.
The downward trend was driven by selloffs in stocks like Austin Laz, Deap Capital Management, Fidson, Caverton Offshore Support Group, Berger Paints, and 31 others.
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Also, the market breadth closed negative with 36 losers against 23 gainers.
On the decliners’ chart, Austin Laz led by 7.94 per cent, settling at N2.90, while Deap Capital Management and Fidson followed by 6.67 per cent each, ending the session at N1.68 and N40.60 per share, respectively.
Caverton Offshore Support Group fell by 6.35 per cent, finishing at N6.49, and Berger Paints dropped by 5.92 per cent, closing at N36.55 per share.
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On the other side, Regency Alliance Insurance led the advancers’ chart by 8.82 per cent, ending the session at N1.48. Prestige Assurance trailed by 6.71 per cent, closing at N1.75, while WAPIC Insurance rose by 6.45 per cent, settling at N3.30 per share.
Legend Internet gained by 5.45 per cent, finishing at N5.80 and Computer Warehouse Group increased by 4.74 per cent, closing at N18.80 per share.
Analysis of the market activity revealed an overall decline in the market volume, value, and deals as 262.5 million shares worth N8.3 billion were exchanged across 16,693 transactions.
This is in contrast with the previous session’s 624.61 million shares worth N13.5 billion that were exchanged in 31,563 deals.
Meanwhile, Fidelity Bank topped the activity chart with 41.34 million shares worth N829.1 million.
Access Corporation followed with 21.2 million shares valued at N553.4 million, while CHAMS traded 19.8 million shares worth N84.9 million.
Sovereign Trust Insurance sold 17.88 million shares valued at N63.3 million, and Regency Alliance Insurance transacted 13.09 million shares worth N19.5 million.
Reacting, David Adonri, vice president of Highcap Securities, noted that the downward trend was due to the fact that the market had been fatigued because of the extended rally.
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He described the situation as normal.
He said that it was observed that the tier-one banks lost while a few insurance companies made gains, a trend that can not be sustained.
He explained that as expectations were high on the release of the third quarter reports, upon the release, investors would be further attracted to the market.
(NAN)
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