Activities on the Nigerian equities market maintained negative slide with the crucial market indices dropping further by 0.34 per cent following losses in 32 stocks.
Specifically, the All Share Index (ASI) lost 100.46 points or 0.34 per cent to 29,096.41 points in contrast with 29,196.87 achieved on Monday.
Also, investors lost N37 billion in value as the market capitalisation declined to N10.936 trillion against N10.973 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Julius Berger, Okomu Oil, Dangote Flour Mills, Cadbury Nigeria and Zenith Bank.
Analysts at Afrinvest Limited said that “consequent on bearish performance and the weak investors sentiment, we opine that subsequent trading sessions will continue to be bearish in the near term.”
Also, analysts at Cordros Capital said: “In our view, the sustained sell-offs in the Nigerian equities market is overdone compared to peer markets. This provides a basis for the ASI to recover in the absence of further downside risks.
“Beyond the obvious, we believe that the blend of positive macro-economic fundamentals and compelling valuations supports our view of a near term recovery.”
A breakdown of the price movement chart shows that market breadth was negative, with 11 gainers against 32 losers.
Beta Glass recorded the highest price gain of 10 per cent, to close at N62.70 per share.
Courteville Business Solutions followed with a gain 8.33 per cent to close at 26k, while Chams appreciated by 8.16 per cent to close at 53k per share.
Consolidated Hallmark Insurance went up by 7.41 per cent to close at 29k, while Regency Alliance Insurance appreciated by four per cent to close at 26k, per share.
Conversely, Dangote Flour led the losers’ chart by 9.86 per cent, to close at N16 per share.
Ikeja Hotel followed with a loss of 9.38 per cent to close at N1.45, while
Cadbury Nigeria depreciated by 9.32 per cent to close at N10.70 per share.
Goldlink Insurance and Veritas Kapital Assurance shed 9.09 per cent each to close at 30k and 20k, respectively, per share.
In spite of the drop in market indicators, the total volume traded improved by 98.21 per cent with a turnover of 430.27 million shares worth N2.83 billion traded in 4,512 deals.
This was in contrast with a total of 217.08 million shares worth N1.39 billion achieved in 3,814 deals on Monday.
Transactions in the shares of Courteville Business Solutions topped the activity chart with 106.57 million shares valued at N26.86 million.
Japaul Oil & Maritime Services came second with 61.23 million shares worth N21.32 million, while Access Bank traded 53.69 million shares valued at N378.31 million.
United Bank for Africa (UBA) traded 40.52 million shares valued at N268.49 million, while Zenith Bank transacted 22.11 million shares worth N458.65 million.