For the eight-consecutive session, the Nigerian equities market extended its losing streak as the benchmark Index closed 1.93 per cent weaker, the biggest single day decline so far in April to close below the 100,000 mark.
The Nigerian Exchange Limited (NGX) All-Share Index (NGX ASI) declined by 1,968.78 basis points or 1.93 per cent to close at 99,808.34 basis points. Also, market capitalisation lost N1.11 trillion to close at N56.448 trillion.
The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Dangote Sugar Refinery, Flour Mills of Nigeria, MTN Nigeria Communications (MTNN), Vitafoam Nigeria and United Bank for Africa (UBA).
Also, investor sentiment, as measured by market breadth closed negative as seven stocks advanced, while 50 declined. Morison Industries emerged the highest price gainer of 9.96 per cent to close at N3.09 per share. Thomas Wyatt Nigeria followed with a gain of 8.63 per cent to close at N2.14, while Universal Insurance appreciated by 5.56 per cent to close at 38 Kobo, per share.
Omatek Ventures rose by 3.80 per cent to close at 82 kobo, while Secure Electronic Technology appreciated by 3.45 per cent to close at 60 kobo, per share.
On the other side, Cornerstone Insurance, Ellah Lakes, Fidelity Bank, Japaul Gold & Ventures and Vitafoam Nigeria led others on the losers’ chart with 10 per cent each to close at N1.71, N3.15, N8.10, N1.80 and N18.90 respectively, per share. Flour Mills of Nigeria followed with a decline of 9.76 per cent to close at N30.50, while Oando shed 9.70 per cent to close at N12.10, per share.
However, the total volume of trades increased by 23.65 per cent to 403.89 million units, valued at N8.38 billion, and exchanged in 10,170 deals. Transactions in the shares of Access Holdings led the activity with 62.928 million shares worth N1.074 billion. Guaranty Trust Holding Company (GTCO) followed with account of 47.383 million shares valued at N1.742 billion, while United Bank for Africa (UBA) traded 45.632 million shares valued at N1.056 billion.
Zenith Bank traded 41.360 million shares worth N1.496 billion, while Fidelity Bank traded 23.138 million shares worth N189.362 million.
