Equities extend losses as index dips further by 0.07 per cent
THE Nigerian Exchange Limited ( NGX) extended losses to three consecutive sessions yesterday, as the All Share Index ( ASI) depreciated further by 0.07 per cent, amid sustained profit taking.
Specifically, at the close of trading yesterday, the ASI decreased by 35.28 absolute points, representing a dip of 0.07 per cent to close at 52,721.34 points. Similarly, the market capitalisation lost N19 billion to close at N28.423 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Exchange Group ( NGX Group), Berger Paints Nigeria, Lafarge Africa, Fidson Healthcare and May & Baker Nigeria.
Analysts at GTI Securities said: “The equities market ended transactions on a negative note, we expect profittaking from recently appreciated stocks to continue during the week.”
Afrinvest Securities said: “Investor sentiment, as measured by market breadth, improved to - 0.03x from - 0.09x as 21 stocks gained, 23 lost while 69 closed flat. In the penultimate session of the week, we anticipate the market would recoup some losses amid bargain hunting activities.”
Also, market breadth closed negative with 23 losers while 21 stocks appreciated in price. Academy Press led the losers’ chart by 9.93 per cent, to close at N1.36, per share.
Berger Paints Nigeria followed with a decline of 8.86 per cent to close at N7.20, while Neimeth
International Pharmaceuticals went down by 8.57 to close at N1.60 kobo. May & Baker Nigeria lost 8.51 per cent to close at N4.30, while Wema Bank shed 7.61 per cent to close at N3.28 per share.
T ransnational Corporation declined by 6.34 per cent to close at N1.33 kobo . Jaiz Bank dropped 5.56 per cent to close at 85 kobo . Livestock dipped by 5.29 per cent to close at N1.61 kobo . Fidson lost 4.76 per cent to close at N11. Curtix als o shed 4.14
per cent to close at N2.78