The Nigerian equities market yesterday stopped the six-days bullish run on the back of profit-booking to commence trading for this week and for the month of November.
The All-Share Index (ASI) decreased by 51.30 absolute points, representing a decline of 0.17 per cent to close at 30,479.39 points. Similarly, the overall market capitalisation size lost N27 billion to close at N15.931 trillion.
The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Mobil Nigeria, Ecobank Transnational Incorporated (ETI), Julius Berger, C&I Leasing and International Breweries.
For trading activities this week, analysts at United Capital Plc said: “We expect the earnings to continue to sway the direction of the market coupled with the low yield environment as we await the Tier one Banks results.”
Analysts at Afrinvest Limited said, “This week, we expect to see slight profit-taking at the start of the week.”
Market sentiment, as measured by the market breadth, was negative, as 26 stocks declined relative to 22 gainers. Livestock Feeds recorded the highest price gain of 9.88 per cent to close at 89 kobo, per share. Dangote Sugar Refinery followed with a gain 9.78 per cent to close at N15.15, while NPF Microfinance Bank rose by 9.68 per cent to close at N1.70, per share.
Regency Alliance Insurance went up by 9.09 per cent to close at 24 kobo, while Royal Exchange appreciated by 8.70 per cent to close at 25 kobo, per share. On the other hand, C& I Leasing led the losers’ chart by 10 per cent, to close at N3.96, per share. FCMB Group followed with a decline of 9.90 per cent to close at N2.82, while ETI shed 8.85 per cent to close at N5.15, per share.
Oando lost 6.55 per cent to close at N2.57, while International Breweries depreciated by 5.02 per cent to close at N7.00, per share.
Also, the total volume traded decreased by 53.41 per cent to 376.653 million shares, worth N3.802 billion, and traded in 6,050 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 49.897 million shares valued at N122.163 million. Zenith Bank followed with 47.035 million shares worth N1.033 billion, while Dangote Sugar Refinery traded 30.943 million shares valued at N465.155 million.
Sterling Bank traded 30.226 million shares valued at N57.619 million, while United Bank for Africa (UBA) transacted 29.709 million shares worth N225.963 million.