After the
brief recovery witnessed Monday, the Nigerian equities market recorded a
decline of 0.88 per cent in its index at the close of trading yesterday
following
dropping from 26,580.22 points
to close the day at 26,346.24 points.
Market
capitalisation also dropped N80.5 billion to close at N9.065 trillion, in
contrast to N113.1 billion gained previously to close at N9.146 trillion.
Notwithstanding,
the volume of transactions increased by 78.38 per cent while market turnover
declined by 4.71 per cent.
At the end of
trading activities, there were 18 gainers as against 27 decliners.
UAC-PROP which
appreciated by 5 per cent topped the gainers’ chart for the day, while
Continental Insurance, NAHCO, Air Service
and WAPIC also featured among the top gainers.
On the other
hand, Cutix, Caverton, 7UP, Fidson and
May&Baker ended as the day’s top losers.
Market
performance, reflected mixed feelings as all other sectors beside the
Agricultural, which traded flat, recorded declines.
However, the
day’s transactions showed that investors in 3,423 deals traded 219 million
units of shares valued at N1.4 billion.
Financial
Services stocks retained its position at the top of activity chart, as Omoluabi
Savings and Loans emerged the topmost traded stock with 93.5 million shares
worth N83.9 million. Fidelity Bank followed with 39.4 million shares worth
N36.0 million while FCMB was next with 37.1 million shares amounting to N49.4
million.
Analysts at
Meristem Securities attributed the loss to the price declines recorded by
large-cap stocks in the banking and consumer goods space. “We expect the mixed
sentiments witnessed in the market Tuesday to persist for the rest of the
week”, they said.
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