Following sustained profit-taking in some bellwethers, the equities market recorded its second decline yesterday, as market capitalisation depreciated further by N114 billion.
Precisely, at the close of trading, Wednesday, the All Share Index (ASI) decreased by 220.65 absolute points, representing a dip of 0.75 per cent to close at 29,062.50 points.
Similarly, the market capitalisation lost N114 billion to close at N14.992 trillion, making a total of N322billion losses in two days.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; MTN Nigeria, BUA Cement, Ecobank Transnational Incorporated (ETI), UAC of Nigeria (UACN), and Dangote Sugar Refinery.
Analysts at Afrinvest Limited, said: “Although yesterday’s performance was negative, we expect a better performance in successive sessions due to bargain-hunting.”
Market breadth closed negative, with 11 gainers versus 17 losers. Beta Glass recorded the highest price gain of 10 per cent to close at N64.90 per share.
Cornerstone Insurance followed with 9.43 per cent to close at 58 kobo, while GlaxoSmithKline Consumer Nigeria appreciated by 7.14 per cent to close at N6.00, per share.
Forte Oil rose 6.44 per cent to close at N19.00, and Transnational Corporation of Nigeria Plc (Transcorp) 4.85 per cent to close at N1.08, per share.
On the other hand, Livestock Feeds and Sovereign Trust Insurance led the losers’ chart with 9.09 per cent each, to close at 50 kobo, and 20 kobo, respectively.
DN Meyer followed with eight per cent to close at 46 kobo, per share.
ETI lost 7.69 per cent to close at N7.20, and Fidson Healthcare shed 5.45 per cent to close at N2.60, per share.
The total volume traded decreased by 46 per cent to 360.08 million shares worth N2.83 billion, traded in 4,345 deals.
Transactions in the shares of Morison Industries topped the activity chart with 126.77 million shares valued at N57.05 million.
Access Bank followed with 52.47 million shares worth N536.58 million, while United Bank for Africa (UBA) traded 31.97 million shares at N274.10 million.
Zenith Bank traded 31.55 million shares valued at N674.03 million, while Transcorp transacted 17.86 million shares worth N19.01 million.