The nation’s bourse on Thursday sustained its bearish run, dropping by 0.35 per cent due to sell pressure.
The News Agency of Nigeria (NAN) reports that the All-Share Index decreased by 98.13 points, representing a dip of 0.35 per cent to close at 27,990.61 points.
Similarly, the market capitalisation which opened at N13.689 trillion lost N48 billion to close at N13.641 trillion.
The downtrend was caused by losses recorded in large and medium capitalised stocks, amongst which are: MTN Nigeria, Dangote Cement, Forte Oil, Global Spectrum Energy Service and Caverton Offshore Support Group.
Analysts at Afrinvest Limited stated that, “We expect the bearish performance to persist, although there are opportunities for investors to take advantage of undervalued stocks.”
Wapic Insurance led the losers’ chart by 10 per cent to close at 36k per share.
Global Spectrum Energy Service followed with a decline of 9.57 per cent to close at N5.20, while Morison Industries depreciated by 9.09 per cent to close at 50k per share.
Caverton Offshore Support Group lost 8.95 per cent to close at N2.34, while Oando dipped five per cent to close at N3.80 per share.
On a brighter note, the FCMB Group recorded the highest price gain of 8.81 per cent to close at N1.73 per share.
Chams followed with a gain eight per cent to close at 27k, while Flour Mills Nigeria appreciated by 6.07 per cent to close at N14.85 per share.
NEM Insurance went up by 5.77 per cent to close at N2.20, while Sovereign Trust Insurance and Mutual Benefits Assurance appreciated by five per cent each, to close at 21k per share, respectively.
The total volume traded surged by 127.59 per cent with an exchange of 359.11 million shares worth N1.89 billion traded in 3,099 deals.
This was in contrast with a turnover of 157.79 million shares valued at N2.52 billion accounted in 3,253 deals on Wednesday.
Transactions in the shares of Courteville Business Solutions topped the activity chart with 150.04 million shares worth N30.01 million.
The FCMB Group followed with a total of 73.27 million shares valued at N123.22 million, while United Bank for Africa traded 35.7 million shares worth N200.55 million.
Transcorp sold 11.67 million shares valued at N11.88 million, while Zenith Bank transacted 10.25 million shares worth N190.29 million.