LAGOS – Sentiments remained weak in the domestic equities market yesterday, as the All-Share Index declined by 0.39 per cent per cent.
In summary, the All-Share Index decreased by 95.13 absolute points, representing a dip of 0.39 per cent to close at 24,174.45 points. Similarly, the overall market capitalisation size shed N49 billion to close at N12.611 trillion.
Despite the downtrend in the market in the first two trading day of the week, capital market analysts expected the continued release of half-year results, to spur reactions in the equities market, as investors strive to take profitable positions.
The downturn was impacted by loses recorded in large and medium capitalised stocks, amongst which are; Dangote Cement, Chemical and Allied Products (CAP), International Breweries, Eterna and Cutix.
Analysts at Afrinvest Limited said: “We expect bargain hunting to drive gains in the subsequent trading session.”
Market sentiment, as measured by breadth, was positive as 14 stocks gained, relative to 10 losers. Linkage Assurance recorded the highest price gain of 8.57 per cent, to close at 38 kobo, per share. Vitafoam Nigeria followed with a gain 7.88 per cent to close at N5.75, while Royal Exchange rose by 7.41 per cent to close at 29 kobo, per share.
Unity Bank went up by 6.12 per cent to close at 52 kobo, while Transnational Corporation of Nigeria (Transcorp) appreciated by 4.84 per cent to close at 65 kobo, per share. On the other hand, Eterna led the losers’ chart by 10 per cent, to close at N1.80, per share. Prestige Assurance followed with a decline of 9.26 per cent to close at 49 kobo, while International Breweries lost 9.21 per cent to close at N3.45, per share.