The equity market extended the losing streak for the second trading day of the year as indices plunge further by N111 billion.
At the close of trading yesterday, the All- share index (ASI) shed 298.74 points, representing 0.96 per cent for depreciation to close at 30,771.32 points.
Similarly, the market capitalisation shed N111 billion at N11.475 trillion.
The decline was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Stanbic IBTC Holdings, Guaranty Trust Bank, GlaxoSmithKline Consumer Nigeria, Cement Company of Northern Nigeria (CCNN), and Chemical & Allied Products (CAP).
Analysts at Afrinvest Limited, said: “Despite the bearish performance of the market, good bargains in fundamentally sound stocks exist. We expect investors to take positions in these stocks even as pre-election jitters continue.”
Market breadth closed negative with 13 gainers against 24 losers. Forte Oil recorded the highest price gain of 9.64 per cent to close at N30.70 per share. Union Bank of Nigeria (UBN) followed with a gain of 8.04 per cent to close at N6.05, while Trans-Nationwide Express rose 7.69 per cent to close at 70 kobo per share, respectively.
Julius Berger appreciated by 5.20 per cent to close at N23.25, while Jaiz Bank rose 3.85 per cent to close at 54 kobo per share, respectively.
On the other hand, Glaxosmithline led the losers’ chart by 10 per cent to close at N13.05, while University Press (UPL) followed with a decline of 9.63 per cent to close at N1.97 per share respectively.
McNichols fell 8.51 per cent to close at 43 kobo, while FCMB Group, and First Aluminium dropped 8.33 per cent each, to close at N1.65 and 33 kobo per share, respectively.
Total volume traded fell 21.09 per cent to 169.19 million units, valued at N1.13 billion, exchanged in 3,683 deals. Diamond Bank traded with 51.95 million shares valued at N107.2 million.
Transnational Corporation of Nigeria (Transcorp) followed with 12.81 million shares worth N15.58 million, while Access Bank traded 11.26 million shares valued at N71.4 million.
FCMB Groups traded 9.77 million shares at N16.49 million, while Zenith Bank transacted 7.41 million shares worth N168.68 million.