The Nigerian equities market on Tuesday dipped marginally by 0.03 per cent following sustained profit taking in blue chips.
The News Agency of Nigeria (NAN) reports that the All-Share Index (ASI) decreased by 7.93 points or 0.03 per cent to close at 27,033.10 against 27,041.03 on Monday.
Similarly, the market capitalisation lost N4 billion to close at N14.083 trillion compared with N14.087 trillion posted on Monday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, among which were; SFS Real Estate Investment Trust, Nigerian Breweries, UPDC Real Estate Investment Trust, Caverton and Skyway Aviation Handling Company.
Analysts at Afrinvest Limited stated that “Although there are opportunities for bargain hunting, investors’ risk-off approach is expected to dampen performance in the market.”
Market breadth closed negative with eight gainers and 22 losers.
Law Union and Rock Insurance dominated the gainers’ chart in percentage terms, with 10 per cent, to close at 88k per share.
Cadbury trailed with 9.76 per cent to close at N9, while Africa Prudential appreciated by 4.29 per cent to close at N5.11 per share.
FBN Holdings increased by 2.83 per cent to close at N5.45, while Access Bank rose by 2.27 per cent to close at N9 per share.
Conversely, SFS Real Estate Investment Trust led the losers’ chart in percentage terms with a loss of 9.94 per cent, to close at N69.30 per share.
Skyway Aviation Handling Company followed with 9.75 per cent to close at N2.13, while NPF Micro Finance Bank dropped 9.68 to close at N1.12 per share.
AIICO Insurance lost 9.38 per cent to close at 87k, while Linkage Assurance shed 8.89 per cent to close at 41k per share.
The total volume of shares traded decreased by 43.7 per cent with 241.71 million shares worth N3.55 billion, and traded in 4,456 deals.
This was in contrast with a turnover of 429 million shares valued at N7.29 billion exchanged in 4,533 deals on Monday.
Transactions in the shares of Zenith Bank topped the activity chart with 43.32 million shares valued at N827.22 million.
Guaranty Trust Bank followed with 38.74 million shares worth N1.04 billion, while United Bank for Africa traded 28.87 million shares valued at N196.8 million.
Trans-corp sold 27.37 million shares worth N24.997 million, while UPDC Real Estate Investment Trust transacted 20.15 million shares valued at N63.49 million.