Equities market halts previous growth with 0.16 per cent decline

The benchmark index of the Nigerian Stock Exchange (NSE) halted gains posted in the preceding trading session to drop by 0.16 per cent.

Specifically, the All-Share Index on Tuesday dipped 43.79 points, representing 0.16 per cent to close at 26,513.65 compared with 26,557.44 achieved on Monday.

Similarly, the market capitalisation shed N21 billion or 0.16 per cent to close at N12.907 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are: MTN Nigeria, GlaxoSmithKline, Dangote Flour Mills, Guaranty Trust Bank and Africa Prudential.

Analysts at Afrinvest Limited expected the bearish sentiment to persist as investors continued to take a risk-off approach toward the market.

Consequently, market breadth closed negatively with seven gainers in contrast with 12 losers.

GlaxoSmithKline recorded the highest price loss in percentage terms to lead the losers’ chart with 9.86 per cent, to close at N6.40 per share.

Courteville Business Solutions followed with a loss of 9.09 per cent to close at 20k, while Union Diagnostic & Clinical Services dropped 8.33 to close at 22k per share.

Chams lost 7.69 per cent to close at 24k, while AIICO Insurance shed 7.35 per cent to close at 63k per share.

Conversely, NAHCO recorded the highest price gain of 5.15 per cent, to close at N2.45 per share.

Cement Company Northern Nigeria followed with a gain of 4.28 per cent to close at N15.85, while United Capital rose by 3.45 per cent to close at N1.10 per share.

Fidson increased by 1.27 per cent to close at N4, while FBN Holdings appreciated by 0.95 per cent to close at N5.30 per share.

In spite of the decline in market indicators, the volume traded increased by 35.12 per cent with a total of 174.41 million shares worth N2.32 billion traded in 2,484 deals.

This was against an exchange of 129.08 million shares valued at N2.74 billion transacted in 2,595 deals on Monday.

Transactions in the shares of Access Bank topped the activity chart with 27.28 million shares worth N201.51 million.

Guaranty Trust Bank followed with 24.60 million shares valued at N655.82 million, while FCMB Group sold 22.96 million shares worth N36.76 million.

Global Spectrum Energy Services accounted for 20 million shares valued at N94 million, while Transcorp transacted 14.45 million shares worth N14.61 million.