The crucial market indicators of the Nigerian Stock Exchange (NSE) dropped by 0.13 per cent on Thursday on renewed profit hunting.
Specifically, the All-Share Index lost 35.46 points or 0.13 per cent to close at 27,646.15 against 27,681.61 achieved on Wednesday.
Similarly, the market capitalisation lost N17 billion or 0.13 per cent to close at N13.458 trillion against N13.475 per cent on Wednesday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, among which are: Guaranty Trust Bank, Zenith Bank, Access Bank, Cutix and United Bank for Africa (UBA).
Analysts at Afrinvest Limited said, “Going forward, we maintain our bearish stance for the equities market in the absence of any major catalyst.”
The News Agency of Nigeria (NAN) reports that market breadth was positive, with 23 gainers compared with 16 losers.
An analysis of the price movement table shows that University Press led the losers’ chart, dropping by 8.70 per cent to close at N1.05 per share.
Neimeth International Pharmaceuticals followed with a decline of 8.33 per cent to close at 44k, while Cutix depreciated by 7.79 per cent to close at N1.42 per share.
Associated Bus Company and Chams declined by 7.69 per cent each to close at 36k and 24k per share, respectively.
Conversely, Consolidated Hallmark Insurance dominated the gainers’ chart in percentage terms, growing by 10 per cent to close at 33k per share.
UACN followed with a gain of 9.93 per cent to close at N7.75, while Linkage Assurance rose by 9.80 per cent to close at 56k per share.
The Continental Reinsurance grew by 9.79 per cent to close at N1.54, while PZ Cussons appreciated by 9.30 per cent to close at N7.05 per share.
However, FBN Holdings emerged the most traded stock with an exchange of 71.52 million shares valued at N390.06 million.
Sterling Bank came second with 61.56 million shares worth N135.43 million, while UBA accounted for 12.91 million shares valued at N80.98 million.
Guaranty Trust Bank sold 9.2 million shares worth N268.88 million, while Lafarge Africa transacted 9.14 million shares valued at N140.35 million.
In all, investors bought and sold 245.44 million shares, worth N1.67 billion traded in 3,450 deals, representing a decrease of 35.33 per cent.
This was in contrast with a turnover of 379.51 million shares valued at N5.35 billion exchanged in 3,923 deals on Wednesday.